Don't assume bail-out has failed

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Gordon Brown's rescue was aimed at restoring liquidity to the UK banks, to get them lending to each other again. It was not a panacea for a wider domestic or global economy.

The world is hurtling towards recession, if it is not there already. One piece of semantic sloppiness is that we've allowed the words "credit crunch" to become synonymous with downturn. This implies that if the credit starts flowing again, the economy will lift. That is not so.

The latest patient to give cause for concern is China whose slowdown has impacted on commodity stocks. This will be a worldwide dip and no nation will be immune.

There are other issues that must now confront Brown, such as the worsening public finances caused by lower receipts from fewer people in work and raised benefits as unemployment bites.