A further slide in UK GDP provided a depressing end to a week that saw Lex focus on policymakers’ attempts to bridge the widening gap between the haves and the have-nots of the post-crisis economy. Lex pointed the way forward, urging lawmakers forego what would be a popular but ultimately unproductive windfall tax on bank profits in favour of more comprehensive reform. A suggestion by Mervyn King, governor of the Bank of England, to split taxpayer-backed narrow banks from their casino subsidiaries also landed with a dull thud.

Elsewhere, US regulators’ plans to curb “excessive speculation” in commodities showed a shaky grasp of fundamental market forces. The Securities and Exchange Commission’s proposals to shine a light on so called “dark pools” also caused confusion. Brazil, at least, had a leg to stand on when it introduced new capital controls to curb the hot money flooding into its economy. Other emerging markets may soon follow.