In 2001 the then Goldman Sachs economist Gavyn Davies reportedly told Tony Blair that he should "wait for the dollar to fall and the euro to rise,” before thinking about joining the Euro. Seven years on and the foreign exchange markets have duly obliged and we find Sterling at its lowest ever level against the Euro. Many Europhiles have long argued that joining the Euro would help the UK by allowing it to have the same level of inflation but with significantly lower interest rates.

As Britain enters an economic downturn it might be just the time to argue for Euro entry by emphasising the benefits to the UK economy and to the average householder. It would also create an almighty headache for David Cameron.

Little wonder that Alistair Darling is quaffing drinks a little stiffer than usual. The economic storm is worsening, with borrowing now reaching levels not seen since 1946.

Times are tough. And political cowards could jack it all in, give the keys to No. 10 to the Tories, and laugh when they inherit such a mess...

...but this is a time for (Brownian?) courage, the leadership we were promised.

Government borrowing cannot be sustained at this level. Costs must be cut, axes must fall. Courage must come first. The leadership we expected from the start is missing, has been undone by short-term aims without long-term vision. If the predictions are correct, the economic storm will break just as borrowing increases as the "golden rules" on fiscal prudence (remember that?) are re-written. Dominos falling onto a house of cards...