It should also be remembered that in September no one, except perhaps my noble friend Lord Desai, could be sure that the Crisis in Credit Markets would be as severe or persistent as we now know it to be.

They spent too long lecturing banks for making all sorts of mistakes and not enough time understanding that there was a Crisis in the Credit Markets, and that bad credit and good credit were both going down at the same time in a way that would undermine good as well as bad institutions.

Despite the rhetoric, the Government have not resolved the Crisis in Credit Markets, and they have failed to get normal bank lending to SMEs flowing again, as banks unsurprisingly focus on rebuilding their balance sheets over supporting their customers.