Cognita, the biggest commercial-schools chain, already owns 45 schools in Britain and says its plans to grow by a dozen a year remain unchanged.

ECONOMIST: Selling schooling in a downturn

He also points out that, despite the fact that perfume companies come out with new products every year, the ingredients remain largely unchanged and still include many substances identified in Biblical perfume recipes.

ECONOMIST: Cor, you don��t half smell

Before the credit crunch hit global markets in the summer, the ECB had been expected to raise rates to 4.5% by the end of the year, but the consensus is now for them to remain unchanged in November and December.

BBC: France's prime minister wants a rate cut to weaken the euro

Announcing its revised growth forecasts, the European Commission predicted that if there was no change in political policy, Italian public debt would remain unchanged at 120.5% of GDP next year, before falling to 118.7% in 2013.

BBC: Eurozone's growth has stalled, says EU

If policies remain unchanged, then even as the windfall revenues drop out next year, the euro area will still have a small surplus.

ECONOMIST: Stumbling yet again?