The documents acknowledge the fact – pointed out by Alan Greenspan, the former US Federal Reserve chairman, to this newspaper last month – that Britain is almost uniquely vulnerable to the financial crisis.
The problem is twofold: Britain is heavily reliant on the City for its growth, but financial services are now in trouble.
Meanwhile, UK households are more heavily indebted than almost any of their overseas counterparts, and their interest rates are starting to rise.
The economic powder keg underneath Britain’s foundations is of an alarming scale. Household indebtedness is double what it was a decade ago.
The sub-prime Pre-Budget Report