The solution to the Global credit crisis is here. Not the multi-billion pound investment from Gordon Brown. Neither is it the multi-billion dollar rescue package from the States. The solution can be found in the humble sponge cake.

Well not just sponge cake, but cake and baking in general. Or so says The Times.

This week is national baking week, and regular visitors to this blog will know that EML has a fondness for all things cakey. Is it any coincidence that as the EML bake off drew to a close – the world’s financial institutions started to fall apart? Well probably, but still, you can’t argue with the facts.

EML’s Bake off finished on the 29th of September, the same day that mortgage lender Bradford & Bingley is nationalised and the US House of Representatives rejects a $700bn rescue plan for the US financial system. Only a few weeks later on October 13th our government announced that it would inject £37bn of taxpayers’ money into three major banks. On the same day the The Reykjavik stock exchange was suspended for a third consecutive trading day in response to “unusual market conditions.”

With the bake-off on hold until 2009 things are not looking good….