With savage cuts already in the private sector, and more looming in the public one, it looks as if that's it, chaps.

This led to savage cuts in public spending and contributed to a humiliating devaluation of sterling from $4 to $2.80 the following year.

Nearly half are also concerned about their retirement income after savage cuts in interest rates.

Since the recession took hold, businesses have made savage cuts in the stocks of goods they hold.

However, if further savage cuts are in store, that optimism could be misplaced.