RECKLESS spending by the Government over the last decade has undoubtedly massively contributed to the financial problems that have engulfed Britain this autumn.

All the same, Whitehall’s pledge to safeguard the savings of ordinary people – rightly attracting cross-party support – was the correct and only policy. The only alternative would probably be fiscal Armageddon.

That said, we should recognise that the crisis was mainly caused by City adventurers. It is a delicious irony that the money markets, the ultimate expression of capitalism, should have had their grubby necks saved by communist-style nationalisation.

When the dust has settled, there needs to be a witchhunt of fat cats who have not only got off scot-free, but been rewarded for their failure.

No one else is afforded such mercy, so I look forward to mass dismissals.

There could be no better Christmas present for this battered nation.