“The English have all the material requisites for the revolution,” noted Karl Marx. “What they lack is the spirit of generalisation and revolutionary ardour”. Too right. Who has fire in their belly with a house in negative equity and a job on the line? Then there’s the hope of enlightened behaviour by employers who do not want to cut into muscle. Some are experimenting with wage freezes or short-time working. For employees, accepting such deals has to be worth a shot, even if all it does is moderate, not obviate, the need for job cuts. Staying in work has to be a priority, since temporary lay-offs carry their own complications (such as the risk of losing unemployment benefits after a period).

Companies could go one step further and involve workers more actively in the hoped-for recovery. One idea suggested by Alan Judes, a consultant on pay and incentives, is to compensate employees for salary cuts now with the promise of stock later. Of course, employees would have to take a view on the value of the shares, which may be buffeted by forces beyond anyone’s control. The fate of one or two high-profile employee stock ownership plans, linked in the US to daring buy-outs, may make some nervous about even modest incentive arrangements. But, at the very least, it would get management and workers talking about their company’s plans to battle its way through recession.