All in all I thought that Gordon Brown, Britain’s prime minister, put quite a good face on it. Northern Rock had fallen victim to the crisis in global credit markets. Support for the mortgage bank last autumn had forestalled contagion in the banking system. Nationalisation now best served the interests of taxpayers.

In each of his answers at Monday’s press conference in 10 Downing Street, Mr Brown made a fair point. In less excitable times they might well have got a serious, if not sympathetic, hearing. As it is, his assured performance will probably not shield him from the political fallout.