Alistair Darling occupies an increasingly unenviable position when it comes to facing down the credit crunch. The UK chancellor is responsible for an economy that could be among the worst hit by a protracted seizure in financial markets.

Yet, the urgency of demands from British mortgage lenders and opposing politicians among others that he “do something” is apparently mirrored by the complete lack of urgency among private investors to push money back into broad credit markets and the “softly, softly” approach of the Bank of England.