The total brand value of the 150 brands in the index increased by 3% over the last year (up to 1 January 2018 ) from $327bn to $337bn.

The survey results contrast with the dip of 6% seen in last year’s report.  

Shell has topped the list as the UK’s most valuable brand, at £29.7bn, followed closely by BP. Vodafone also ranked in the top 10, followed by HSBC, EY, Barclays, Land Rover, BT, Tesco and Sky.  

British automotive brands are performing particularly well, with Land Rover, Aston Martin, Mini, Jaguar, Bentley’s, McLaren and Rolls Royce all retaining a brand strength score between AA+ and AAA.

David Haigh, chief executive of Brand Finance, said: “It is becoming clear that the UK economy is far more resilient than predicted and that UK brands are responding well to the challenge posed by Brexit. Demand is high for British brands, both by B2C consumers, B2B customer trading partners, and as takeover targets.”