This is Sterling against the Dollar as Brown triggered a Labour leadership election and offered the LibDems a coalition until that bloodbath takes place in the Autumn. Clegg’s response of opening formal talks just cemented the gloom in the markets.

And all this is happening before we get to see the books – assuming that the whirring sound in the background that we hear isn’t the Treasury shredders working overtime. Maybe the financial situation really is as bad as Greece?

Look on the bright side though. At least we can’t possibly be as financially screwed as Portsmouth FC.