This week we have witnessed some truly disturbing economic activity in China. The Chinese economy is such an integral part of the World economy that if it has a tremor, never mind a full blown quake, it is going to ripple down to us.

What a government can do is prepare for tremors. Where I am critical of Osbourne is where he has not cut enough. We need bigger cuts and swifter deficit reduction in order that we have something to counterbalance a future shock. At present, we have nothing, we cannot borrow more, we cannot lower interest rates, we cannot ramp up QE in order to stimulate the economy in the event of a global downturn.

"That was fun and to round off the day, I am off to steal a charity collection box and then desecrate a place of worship.” - Smokey, The Selhurst Arms, 26/02/02