So, Gordon Brown’s cronies have committed to guaranteeing what’s left in Northern Rock’s coffers; a tidy sum of approximately £28Bn. All this to allay a media-generated hysteria that saw hundreds of people queueing for days to withdraw their meagre pennies.

But is this offer really valid? What is it about? And has he asked us, the taxpayers, whether we would, in practice, be happy to support him?

From what I can understand, most of what has been offered is political hyperbole – guarantees obscured by the sort of vagueness in wording that would make lawyers proud. The aim seems to be to find a white knight to takeover the beleagured Bank and bring back some much needed stability. Northern Rock’s only problem, after all, was lack of access to ready funds.

But, what if? What if Northern Rock could not ride the storm? What if the government were forced to honour their commitment? A government that is already treading a financial tightrope. Who would lose out? Who indeed. A double whammy.

But then that’s not likely to happen, is it?