The weakness of the pound may also bring its own silver lining.

In recent weeks, sterling has taken a hammering.

Increasingly grim UK economic data has combined with low trading levels in the foreign exchange markets to push the currency down.

The main risk from a plunging pound is a deflationary spiral whereby prices fall rapidly, pushing down high street sales and putting already under- pressure retailers and suppliers into even more dire straits.

All sounds a bit grim, but the potential upside to a plunging pound can be seen by looking at how the country came out of an earlier recession. Britain’s recovery from the slump of the early 1990s was led by a boom in exports thanks to the low value of the pound. When sterling is weak, goods made in the UK become cheaper at home and abroad, and therefore more attractive to buyers.

Merseyside’s tourism industry could also be a major beneficiary of the low pound. It is expected more British people will opt to take their holidays in the UK rather than going abroad, which could help Liverpool establish itself as a short break destination.

We could also see more visitors coming here from Europe as they will be able to purchase more pounds for their euros.

So we may no longer be European Capital of Culture, but global economic forces may yet conspire to give the region's tourist trade a different type of lift in 2009. Whatever happens, next year will not be a quiet one.

So, assuming Barack Obama delivers, the pound remains low and the banks start lending again, have a prosperous New Year.