Professional consulting grew at its slowest rate outside the pandemic in almost a decade last year, but uncertainty triggered by the second Trump administration could spur a turnaround as companies scramble for advice on strategy and how to deal with a potential trade war.

Spending on external advisers grew by just 1.8 per cent last year, almost half the growth rate in 2023, when the PwC tax leaks scandal and a series of government inquiries helped to tarnish the reputation of the big four firms.