The UK - a one industry economy

If finance services were bananas, then the UK would look a lot like Honduras.

During a recent speech, Mr Darling revealed the extent of our dependence on the financial sector.

"The credit crunch affects the tax take from the financial sector, which over recent years has been generating about 25 per cent of our corporation tax revenue"

This overdependence on financial services will magnify the economic fall out from the credit crunch. Just wait until the employment shake out from our bloated banks begins. The benefit offices will be full of unwanted loan officers and bank tellers.