Of the four Eurozone nations worst affected by the global recession – Portugal, Ireland, Greece, Spain – two have now been forced to apply for an EU bailout. It is a reasonable bet that at least one more will follow, which highlights the fact that we are continuing to feel the aftershocks of the Credit Crunch and sub prime crisis.

Closer to home, while printers are currently enjoying the fruits of the annual autumn bounty, visibility of volumes in 2011 remains foggy at best. Uncertainty has been a hallmark of the past few years, as everyone from SME business owners to those toiling in the Treasury has struggled to predict the best route out of recession.

The government has opted for an unprecedented package of spending cuts in a bid to restore confidence in the UK, where it is hoped the private sector will take the lead in restoring growth. And yet the even more fundamental issue of credit has yet to be adequately resolved, as the words and actions of successive UK governments remain as opposed as ever.

First, it was Labour telling the UK banks to lend more while at the same time increasing their capital reserves, or, erm, lending less. And now it’s the coalition criticising the lack of lending to SMEs, while at the same time cutting the guarantee on the £700m Enterprise Finance Guarantee scheme.

It is hard not to view this as exactly what it is: political rhetoric. If the government really wants to see more lending to small businesses then it must foster an environment in the financial sector that will promote it, rather than talking a good game in public only to shift the goalposts in private.

I’m not advocating a return to unbridled lending enabled by a government guarantee that will ultimately be financed by the taxpayer, but the fact remains that viable businesses with good credit ratings are still finding it nigh-on impossible to get finance and as long as that remains the case, I fear that the recovery is doomed to stall.

Simon Nias is news editor of PrintWeek