The Labour government is certainly to be congratulated for its unpredented response to the crisis in the banking and finance system - dwarfing, proportionately, as it does the US response pushed through a sceptical Congress. Let us hope that other governments across the globe act with similar boldness as there would thereby be a chance of avoiding a worldwide slump.

It is of course richly ironic that, after years of decrying public ownership and lauding the market, Labour (followed by even more pro-market and even more embarrassed Tories) should have partially nationalised the banks. But welcome nevertheless.

With the prevailing stock market gloom, the value our public share in the banks may fall further. But at some point in the future, our share in the banks might again appear to have been a considerable bargain. Our share in the banks has the potential to provide a very healthy revenue stream to the public purse. It could pay our pensions - or at least part of them. The idea that, as soon as the going gets good again, we should sell it back off to the private sector must surely be offensive to many. When capitalists who have acted with such recklessness and been rewarded so richly come cap in hand to the public to be baled out it is only fair that we should all, as a society, benefit in full from an economic upswing. Let our share of the banks be part of our commonwealth.