The credit crunch is now approaching its most dangerous moment for ordinary businesses up and down the UK. Decisions within the next few weeks will have a lasting impact on the shape of British industry in the years ahead.

The problems are at their most acute for those large companies that are rated below investment grade and that for one reason or another – an accident of timing or a sudden worsening of business conditions – need to refinance their debt. It is these businesses that face most difficulties right now.