The Chartered Institute of Procurement and Supply (CIPS) has warned that the risk to supply chains is running at an almost record high.

According to the CIPS quarterly risk index, risk increased sharply last year in Latin America, eastern Europe, Asia and Sub-Saharan Africa.

Despite supply chain risk falling in North America and western Europe, the index's overall "risk score" has more than tripled from 23.7 in 1994 to 78.7 today.

CIPS economist John Glen explained that there had been a step-change in risk since the financial crisis in 2008 and that dangers have been increasing since.

For example, in Asia-Pacific, Chinese manufacturing and heavy industry are at risk of defaulting on state-backed loans. In Latin America, suppliers are suffering from lower soya bean and copper prices. In Africa, government revenues are in decline after oil and gas prices falling in several countries.

Mr Glen, who is also senior economic lecturer at the Cranfield School of Management explained: "Supply chains have become a lot more complex in the past 20 years. It's not necessarily the case that there is more risk out there but that our supply chains touch more of them."