Almost half a million businesses took part in virtual meeting day to demonstrate how the economy could save billions of pounds.

The day, organised by Work Wise UK, saw businesses replace traditional face-to-face meetings with audio, video or web conferencing, avoiding travel and subsistence costs.

"In these straitened times, holding virtual meetings represents a great opportunity to cut costs and boost productivity,” said Phil Flaxton, chief executive of Work Wise UK.

“If every business aimed for just 10 additional virtual meetings a year, they could save a staggering £14 billion collectively.

Flaxton also pointed out benefits of reduced congestion emissions that he suggested would amount to a saving of 1.7 million tonnes of CO2.

“Holding just one virtual meeting typically saves organisations at least £298, 247 miles of travel and three hours’ travel time,” he said.