Economists may still be debating whether the UK will endure a full-blown recession but this week made it pretty clear what the majority of investors and consumers believe.

Marks and Spencer and John Lewis, the retailers, warned of drastically reduced consumer spending and European new car registrations fell sharply. Taylor Wimpey, the housebuilder, was unable to find backers for a financial rescue and a leading private equity firm walked away from Bradford & Bingley.