What amazes me most is the press reaction – I spent most of Tuesday flying to and from Edinburgh and – as you do when you are spending hours in airports – flicked through loads of papers.

Every one from the Scotsman to the Mail had leaders of the "heads must roll" variety (didn't read the FT but I am sure they probably did, too).

The reason I think this story has become so big is simply that it gives us – well, the press – something to take minds off the credit crunch.

I believe that after the excesses of the last few years – conspicuous consumption, the cult of celebrity – we are heading for an age that I would term 'new austerity' (you read it here first).

Russ and Ross first, hopefully Kerry Katona next.

I'll get me sackcloth and ashes….