Sense and sensibility - a story of our times

For those brought up in the assumption that good times were here to stay, today's harsh '“ and fast-changing - economic realities send a chill wind through the shopping streets.

Where normally with less than a month to go it would be the shops that would be thronged we have had an unusually well-attended House of Commons packed to hear the Chancellor's recession-busting emergency measures.

A time when, customarily, shop tills would be ringing this has been replaced with the clash of political swords as the parties argue over who is to blame for the "credit crunch" and the economic recession.

Working on the basis that prevention is better than cure, the Citizens' Advice Bureau is issuing guidance leaflets packed with handy tips for avoiding a Christmas spending "hangover."

Only a few weeks ago the great concern was inflation, with costs soaring because crude oil was topping 140 dollars a barrel.

Now it is less than half that and an economic term not heard since the great Depression has crept out of the woodwork.