Gordon Brown came to save capitalism, not to bury it. Paying £37bn to part-nationalise some of the commanding heights of the economy may not be many people’s idea of what free marketeering governments do, but the prime minister has taken bold steps to save the financial system and – with it – the real economy. The model he has set out for rescuing banks is a good one, and is now being imitated across Europe and in the US.

Mr Brown’s measures – to recapitalise banks, to guarantee interbank lending and to extend liquidity provision – are systematic and comprehensive. The scale of the response is indicative of the depth of this financial crisis – arguably the worst of the past century. But, if other governments follow through on their commitments, the plan may even work.