So we are left in a situation where the bankers and bosses are given a golden pat on the head when they ruin people’s livelihoods in the name of profit. The recession then subjects ordinary people to cut backs in public services – or even worse – redundancy. The chain of negative events does not end there; it is passed onto the next generation.

A poll produced for Yougov on 11th August 2009 and widely reported in the press said that 43% of parents on an average wage or below are likely to have problems buying school uniforms for their children. Over half said they would be cutting back on essentials such as paying bills or food in order to meet back-to-school costs.

For families on incomes below £12,000 a year, over half said they are likely to have problems buying new shoes while a quarter say they will have to miss out on buying their children a winter coat.