Don't worry.... everything will be all right.... the damage limitation boys are out in force today:
It's a bitter chill but Britain is not Iceland
The economy is in a bad way and government finances are in an awful state, but let's get a sense of perspective. The City is not Reykjavik on Thames. Britain is not Iceland. Sterling has fallen a long way and may fall further. But Britain is not bankrupt.
British banks did grow too big for the economy, which makes us more vulnerable to the banking meltdown than the Americans. But it is nowhere near as extreme as in the case of Iceland.
Not yet.... the PM has not resigned!
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