Peter Wall, the chairman of Birmingham foundry goods business WG Eaton, is deeply troubled. But this is a result of the weak attack being fielded by West Bromwich Albion, his local football team, rather than world economic instability and impending business meltdown.

Like many older owner managers, Mr Wall’s attitude towards recessions is: “Been there, done that, got the T-shirt”. He said: “This downturn is much more specific and easier to understand than the one in the nineties. It is down to the lack of loan facilities and the unsteadiness of markets”. He added: “We have been planning for this.”