Taking to his feet to deliver his pre-Budget report on Monday, Alistair Darling had just 55 minutes to save Christmas. There was a danger that the recession might put paid to such festive traditions as rampant spending, ballooning debt and an evanescent sense of well-being.

But would a chancellor with a penchant for minor tinkering prove equal to the challenge? Could he hold back the sleigh in which the Grinch of the credit crunch was making off with consumer confidence?