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Europe's looming crisis

It all started with sub-prime loans in the United States. Or did it? As the IMF is called in to bail

It was Europe’s dark secret. While American banks were lending irresponsibly to homeowners who couldn’t pay, European banks were lending to emerging countries who couldn’t pay. Europe’s sub-prime crisis has now come home as heavily-indebted nations of the eastern bloc – Hungary, Ukraine, Belarus, Bulgaria, the Baltic states – are collapsing one by one into the arms of the IMF. “Icelandisation” is the new spectre stalking Europe.

And, as with sub-prime in urban America, this latest crisis was shockingly predictable. I visited Latvia at the height of the credit bubble 18 months ago, and it was clearly an accident waiting to happen. Riga, the capital, was bristling with upmarket shopping malls and classy bars that were all quite empty. Stalin-era flats were being sold for $200,000 in a country where the average wage was less than $400 a month. Latvia has hardly any industry, no energy and few natural resources apart from trees. But such was the irrational exuberance of foreign banks like Swedbank, it was awash with credit.

According to the Bank for International Settlements, western European banks have lent more than $1.5trn to eastern Europe. Austria has loans equivalent to 80 per cent of GDP and stands to make huge losses as Hungary and Ukraine collapse.

This week, the Austrian government had to cancel an auction of government bonds because it could not be sure that investors would buy them. It is not inconceivable that Austria itself could end up needing to be rescued.

Other European countries implicated in global sub-prime include Spain, which has loaned immense sums ($316bn) to Latin American countries such as Argentina. Britain has $329bn tied up in Asia - or did until values collapsed in the Asian stock market rout. Japan's Nikkei index fell to a 26-year low this week, wiping out tens of billions of yen. The losses are now winging their way home to British pension funds and banks such as the Royal Bank of Scotland and HSBC.

Banks behaving badly, then, but what's new there? Well, the Bank of England told us this week that global losses so far from the financial crisis amount to $2.8trn. But this includes only a fraction of the likely losses from global sub- prime, which have yet to land on balance sheets.

Until last week's rout in the Asian bourses, there were still economists who believed that emerging markets would not be greatly affected by the credit crunch. But the theory that developing countries, led by China and India, have "decoupled" from the west, no longer holds water. It is clear that they have been dependent on consumer spending in America and Europe all along - and now that western consumers are staying away from the shops, no one is buying their goods. The Baltic Dry Shipping Index, which tracks the cost of hiring ships for international trade, has fallen by 79 per cent this year, itself a signal of a severe global recession.

Gordon Brown's hints that Britain might be able to spend its way out of this recession has to be considered in this light. There is no guarantee, in such a climate, that the British government would be able to borrow sufficient to pay for further bank rescues (they are sure to come), along with the cost of three million unemployed plus a programme of Keynesian infrastructure spending, however desirable that may be.

Investors are already shunning the pound because of anticipated losses from the UK property crash. Sterling has fallen 28 per cent this year, further than in the Exchange Rate Mechanism crisis of 1992, when interest rates rose to 15 per cent. We could be heading for a classic 1960s run on the pound.

The government had hoped that a devalued pound would stimulate exports and pull Britain out of recession, as happened after Black Wednesday 16 years ago, but the economic climate is different. We make few things to export now and the world is not in a buying mood anyway. And it has had quite enough of our "innovative" financial services. Thus Britain's current account deficit of 6 per cent - what used to be called loosely the balance of payments - has suddenly re-emerged as a major economic issue. Borrowing may be a good thing in a recession, but international financiers, sovereign wealth funds, hedge funds and banks may not agree.

The UK has the honour of having been the last G7 country to call in the IMF - during the 1976 sterling crisis - and while the government is not yet filling in the application forms, Britain's finances would not impress the Fund's economists. Standard IMF lending conditions are: privatisation, cuts in government spending and increased interest rates.

We are going in precisely the opposite direction, slashing interest rates, borrowing to spend and nationalising the banks.

Seen another way, this is only an indication of the extent to which the IMF is no longer fit for purpose in the Great Deleveraging. In recent years, the Fund has been an engine of Wall Street neoliberalism and financial deregulation, which leaves it ill-equipped to deal with the new international environment of deflation and banking crashes. In addition, there is a fiscal crisis facing the IMF. It has only about $250bn in reserves to throw at a rolling financial crisis that has now engulfed half the planet, from Iceland to Pakistan. Gordon Brown has called on energy-exporting nations to stump up more cash for the Fund, but there is a strong case, too, for reviewing how the IMF operates. Set up as part of the Bretton Woods financial system in 1944, the Fund was designed to cope with episodic currency crises. It is now having to deal with potential insolvencies in countries the size of Argentina as well as bailing out entire regions such as eastern Europe.

It will have to be very much better capitalised if it is going to perform this role, and it will have to abandon much of its free-market ideology.

We need a new set of interventionist institutions capable of managing financial rescues on an international scale.

Ultimately, what is needed is an international central bank with the resources to provide liquidity guarantees, recapitalise banks and regulate international financial flows. This is an immense task, and the world may not yet be ready for it. But it is not a new idea: John Maynard Keynes argued for precisely this during the Bretton Woods negotiations in 1944. He even suggested a world reserve currency "bancor". This is the kind of thinking we need today.

The alternative, if nothing is done, is international tension, even war. Consider failing Ukraine with its large Russian population and its dependency on Russia for energy supplies, right at the moment when Russian dreams of becoming an energy superpower have been dashed by the collapse of the oil price bubble. Or look at nuclear Pakistan, where the entire country is disintegrating in financial chaos. And what about China? Will all those unemployed workers - where half the toy manufacturers have gone bust - go peacefully back to the paddy fields?

When heads of the "G20" group of nations meet in Washington on 15 November for what is being called "Bretton Woods II" they will not just be dealing with a banking crisis. They will be deciding the future of civilisation.

This article first appeared in the 03 November 2008 issue of the New Statesman, Israel v Hamas

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The New Statesman’s ultimate Christmas lunchbreak guide 2016

What to eat and what not to eat while working during the festive season.

We all know the best thing about the festive season is working all the way up to Christmas Eve, so here’s a list of the best (and worst) high street Christmas lunch food my colleagues and I have painstakingly chewed up and spat out for your delectation:

Lunchbreak failsafes

Pret

Pret’s Christmas Lunch Sandwich, £3.60

Very much a Christmas sandwich by numbers this one – all the key ingredients of a traditional Christmas lunch, plus the inexplicable addition of mayonnaise. It’s a little too full, bits kept falling out, and while it’s not the best Christmas sandwich out there, it’s a solid midtable effort. Stephen Bush

Melvin the Melting Gingerbread Snowman, £1.25

If you take a morbid pleasure in melting a snowman, then Melvin is the gingerbread character for you. His marshmallow head wobbles above his dripping white icing body, but it’s only when you dunk Melvin in your tea that he truly crumbles into nothing but hot water. A festive treat. Julia Rampen

French Brie & Cranberry Toastie, £4.25 

Major disappointment. Tasted like feet, and not in the great cheese kind of way (more like Rachel from Friends’ traditional English trifle/shepherd’s pie way). I didn’t know it was possible to ruin brie. Pinja Saarikoski

Very Merry Christmas Lunch Vegan Baguette, £3.75

Great vegan sandwich, although the Christmas bells weren’t really a-ringing. Tasted more like a Moroccan feast, with the spicy, peppery veggies and pistachios. But I guess Christmas comes in all shapes and sizes, and it’s not always with turkey and stuffing. Pinja

Ham Hock & Sprout Macaroni Cheese, £5.50

We have reached peak comfort. Macaroni cheese: officially the world’s most comforting comfort food according to an extensive survey of all tastebuds and dopamine receptors. And Pret: the high street’s strong arms cradling you when you’re weak and vulnerable on a hungover mid-week lunchbreak, gently extracting a fiver in exchange for your regular dose of deliciously predictable flavours. This is what you get: a thick, creamy sauce with sprouts so cheese-drenched you’d never guess they were sprouts at all, and some unnecessary ham hock just to make it a bit Christmassy. Anoosh Chakelian

EAT

Festive Full Works Bloomer, £3.95

The texture of the bread is excellent and the serving of turkey and rocket is more than generous. But something about the after-taste doesn’t sit well. A potentially related disappointment is the failure of the press team to establish the meat’s exact provenance. While the ham has been procured “from the EU, with pigs raised in barns with natural sunlight”, the turkey “is cooked in the UK but is sourced from overseas”. India Bourke

Christmas Cheeseboard Bloomer, £3.96

This Eat sandwich takes its inspiration from a classic Christmas cheeseboard. As someone who is more excited by the abundance of yuletide cheese than Christmas presents, this was already right up my street. But cheese-filled Christmas sandwiches can often be bland, stodgy and – the greatest sin any festive meal can commit – boring. That’s not the case here. The cheddar is robust and nicely paired with soft, almost ricotta-like wensleydale, the multiseed bloomer pleasingly rustic, and the whole affair is well-seasoned with lemon and black pepper. But the inspired addition of slow-roasted figs and figgy pudding chutney are what turns a good, solid sandwich into a brilliant one. All in all, it leads to an unusual, irresistible taste and texture combo that is decidedly cheeseboard-esque. Anna Leszkiewicz

Brie and Truffle Mac ‘n’ Cheese, £6.50 for large portion

Hello! Is it brie you’re looking for? Well, this mac 'n' cheese has a lot of it. Loads. Tons. But it’s not the best brie in town – mild to the point of flavourlessness, but incredibly thick, this often felt more like an overly stodgy carbonara.  As for the alleged truffle – I couldn’t get so much as a whiff of it. Dull and heavy, for the price and whopping 1,000+ calories, this feels conspicuously lacking in luxury, despite the rumoured posh ingredients. (NB: This comes with an option of cranberry sauce, which I turned down. It’s possible that makes all the difference… but I’d be surprised.) Anna

Paul

Dinde de Noël baguette, £4.50

Paul’s “Dinde de Noel” is another sandwich suffering from the curse of the Christmas Cranberry. Once invisible in the UK at yuletide, the cranberry has gradually invaded the festivities, a culinary equivalent of  the green parakeet. In this case they are embedded in the baguette like war journalists, immovable and advancing on all the other flavours. Which is a shame as the turkey is nice, the spinach admirable in its attempts to get us to eat our greens on the sly and the baguette itself a vast improvement on yet another supermarket sandwich. Pretty good value too. I did find the horseradish isolated in one corner, but having it as well as the cream cheese is another case of excess. One or the other but not both. Stephen Brasher

Greggs

Greggs Festive Bake, £1.50

As my colleague ever so astutely observed last year, the Greggs Festive Bake is not actually a Christmas sandwich. A year on, that is still the case, but it remains a deliciously good value handful of crispy pastry and well-spiced turkey filling. The dusting of oniony-sagey crumbs on top of the pastry really improves what is a complex and satisfying flavour profile. If you’re already a fan of the versatile foodstuff that is the Greggs bake (and you should be: what other treat is always piping hot, can be eaten with one hand on the bus and costs less than £2?) you will love this Christmassy twist on a well-loved format. Caroline Crampton

Greggs Turkey Bacon and Cranberry Roll, £1.50

It’s like a sausage roll but with turkey, bacon and little cranberries instead of sausagemeat. My love of Greggs has spiralled out of control since they introduced their £2 coffee and bacon roll deal, and I love the sausage roll, but this didn’t quite work – the flavours don’t really blend, you just have a lot of turkey, the odd bit of bacon and a cranberry every now and then. It felt unnervingly like eating catfood. Stephen Bush

Benugo

Honey roast pulled ham and smoked cheddar bloomer, £3.75

A great sandwich, this manages to taste weirdly healthy yet also delicious, perhaps down to its deep brown bread. The cheese is plasticky and thin, in that perfect sliced way, contrasting nicely with the texture of the pulled pork. Token rocket adds to the virtue factor; the chutney takes it away again. Hearty. Helen Lewis

As someone who is not an enthusiastic meat-eater, I approached the ham sandwich with trepidation and no little guilt, but found it unexpectedly delicious – the combination of the bread, the cheese, the high-quality ham, and the chutney, if indeed it was chutney, made it a very pleasurable experience – even if I did feel a little bit guilty about eating ham. Jason Cowley

Brie, pistachio, spiced apple and chutney baguette, £3.75​

I feel about this sandwich the way I felt about my first love – though it would do me no wrong, it lacks true passion. The acidic tang of the chutney overpowers the brie, leaving me with the sensation of eating a chutney sandwich. If that’s what you want, go forth. If it isn’t, go elsewhere. Amelia Tait

Turkey, bacon and cranberry baguette, £4.25 

Another where the bread is the star – yeasty and wholesome. A good balance of flavours between the turkey and bacon, and a generous helping of cranberry sauce, plus the inevitable token rocket. Not too salty, not too sweety, and there’s even a cheeky bit of stuffing in there. The mayonnaise is possibly OTT, but really, who cares? Helen

This is slightly sweet, slightly salty and very Christmassy. Its cranberry, sage and horseradish flavourings are well-balanced. And while it’s no River Cottage in the wholesome stakes, it feels satisfyingly nutritious – a sensation backed-up by the later revelation (from their press team) that all their “turkey farms adhere to ISO901:2008 standard.” (That’s a good thing.) Plus, “the turkey is produced in South Yorkshire using exclusively British birds. The bacon is produced in Scotland using pork form the UK and EU. The pork in the stuffing is of UK origin and is also produced in Scotland.” You can taste it. India

Leon

Leon Christmas Wrap, £5.45​

“It would be Rudolph not to,” says the blurb for Leon’s hot wrap, featuring turkey, stuffing and ham hock. While I’m willing to award points for the triple meatiness, there is overall something a little generic about this wrap. Because it’s served hot, all the flavours smudge together, and the fresh spinach barely intrudes on the mix. Still, the cranberry and port sauce lifts the experience, adding sweetness what could otherwise be a weighty proposition. Helen

The Leon x Gizzi Christmas Turkey Curry, £6.45

Always a little bit afraid to find out who Gizzi Erskine actually is for fear of becoming an adult, I approached Leon’s Gizzi Christmas Turkey Curry with some apprehension. Everything from Leon is so wholesome and grainy and aspirational, it puts my usual eating habits in unflattering, baked bean-flavoured contrast. But this curry was delicious. The creamy, lightly spiced sauce was a lovely accompaniment to the juicy hunks of carrot and parsnip. Unusually, the turkey had some flavour too – lifted valiantly by the generous sprinkling of crispy onions. Apparently the Erskine family has this recipe on Boxing Day – a far cry from the customary stale crisps and backwash-addled Baileys, but almost as tasty. Anoosh

The Leon x Gizzi Pistachio & Pomegranate Sprout Salad, £2.25 out/£2.70 in

Even stalwart vegetarian colleagues were a little appalled at the idea of this pistachio and pomegranate sprout salad. And they were right not to let me palm it off on them. Although each of the flavours work on their own, the jarring mixture gives the impression of a salad that doesn’t know what it’s supposed to be. The pomegranate dressing is tart and sweet, the pistachio crunchy and earthy, and the mint and dill sort of pointless. Maybe it’s all just to cover up the flavour of the one actually festive ingredient: sprouts. But even uniting against this common enemy doesn’t give the salad’s component parts much cohesion. Anoosh

The Leon x Gizzi Mince Pie, £1.60 out/£1.90 in

Apparently this mince pie is wheat-free and infused with orange zest and earl grey. But what isn’t these days? I think I had a bikini wax of that description the other week. Anyway, regardless of its special features, this simply tasted like a very nice, very compact, very regular mince pie. Anoosh

Supermarket sweep

Tesco

Tesco Wensleydale & Spiced Carrot Chutney, £2.00

As soon as you open this sandwich, it smells like Christmas. The chutney to cheese ratio is one of the best I’ve ever seen, with equal servings of both making for the perfect consistency and taste. The fact it is carrot (carrot!) barely registers, and the overall sensation is extremely pleasant. That said, the perforated edges of the sandwich box were not properly perforated and thus it was difficult to open, something you might want to consider if you like an easy life. Amelia

Hovering somewhere between your standard cheese and pickle and the festive staple brie and cranberry, there isn’t much flourish to this Tesco sandwich. It’s what it says on the tin – cheese, chutney, plus a bit of spinach thrown into the mix. There are no hidden surprises, but what’s there is pretty good – the full-bodied wensleydale actually tastes of something (unlike a lot of the brie offerings) and the carrot chutney suits. If this sandwich was a date, it would probably be the right level of friendly towards your parents. Not a love match, but nice enough. Anna

Tesco Pigs Under Blankets, £2.35

There was gristle in the mini sausages which was exceptionally off-putting and I’m too traumatised to finish this sentence. Other than that, flavours were good. Amelia

Tesco Finest Turkey Feast, £3.00

According to this sandwich, vegetables are something that happens to other people. I thoroughly approve. The flavours here aren’t subtle – meat, meat and more meat – but they are clean and more-ish. The malted brown bread is quite posh, but could be posher. Some might find the egg mayonnaise texture jarring alongside the crisp bacon, moist turkey and doughy chestnut stuffing. Helen

Aldi

Festive Feast sandwich, £1.59

Aldi’s “Festive Feast” is no worse and a bit better than some other turkey/bacon/cranberry/stuffing combinations from rival supermarkets and no-one could complain about the price as it is only £1.59. Strangely, Aldi itself seems a bit shy about it with its logo hidden on the reverse of the carton underneath the recycling information. The brand seems to be “Just Tasty”, though whether this is to make it look more upmarket or downmarket against other sandwiches isn’t clear. Santa Claus is coming to town but he doesn’t want you to know about it. Stephen Brasher

Brie and Cranberry sandwich, £1.29

There are no shortages of brie and cranberry sandwiches at this time of year – only one or two will separate themselves from the pack to impress your tastebuds. This sandwich doesn’t. It’s a perfectly fine offering, not horrible, but forgettable. The word I’d use to describe it is “functional”. For those who think Christmas food should be about so much more than mere survival, this is not the one for you – but at £1.29 we can’t complain. Anna

Waitrose

Waitrose Christmas Roast beef, stilton and quince with crispy onions, £3.95 

Waitrose is so good at being Waitrose isn’t it? It just really owns it. And nowhere does it lean further in to its status as lord of the supermarket manor than its roast beef, stilton and quince sandwich. It comes in a little box the shape of a house, for god’s sake. You basically buy property when you buy this sandwich. And it is a sophisticated affair – succulent beef, fiery stilton, the sweet hit of quince on your saliva-drenched tongue. You will never quite be able to look Tesco in the eye again. Also, thrillingly, it comes with a mini add-your-own bag of crispy onions. The bourgeois equivalent of the salt ‘n’ shake crisps sachet. Crunch ‘n’ class. Anoosh

Waitrose Christmas Clementine Juice, £1.40

A shameless hasty seasonal rebrand of, uh, some orange juice. But a little weaker and without bits in. Anoosh

Waitrose Christmas Sandwich, £3.20

I can't work out why this sandwich was terrible, but it was. Despite the fact that it has everything you'd want, the essentials of a good Christmas sandwich (turkey, stuffing, cranberry), it doesn't work. The ingredients were poor – the bacon sharp and flavourless, as if a piece of plastic had been left in, the stuffing dry, the turkey forgettable – the bread dry, the mayonnaise overpowering. Avoid. Stephen Bush

Heston Charcoal Bagel with Tea Smoked Salmond, £3.60

This is a really posh bagel. First of all, it’s black. Way classier than your standard beige, or flashy Instagram-courting rainbow. And it has a picture of an opulently-robed salmon on the front of the packet, tempting you in with its knowing gaze. The dill and “caraway pickled cucumber” (ie. a bit of gherkin) lift the flavour of the classic cream cheese and salmon combo. The only real Christmassy element is the lump of coal (ok, charcoal). It all tastes delicious, but there are far too many chia seeds on the bagel. They drop off everywhere and get stuck in your teeth. A middle-class nightmare. Anoosh

Sainsbury’s

Brie and Cranberry, £2.60

Tasty, not too sweet, but also could have been a little bit more robustly stuffed with ingredients. Julia

Taste the Difference Crab, King Prawn & Avocado Sandwich, £3

This seafood smorgasbord is the most delicious lunchtime snack I’ve had in some time. Like a kiss from the sea, or, more accurately, a snog with a mermaid. The avocado was a perfect creamy bed for the tangy but sweet meat. But if crab, prawn and avo mean festive flavours to you, then I’m sorry, but I don’t ever want to come to yours for Christmas dinner. It’s all about chewy and bland poultry, not poncey sea beasts. Anoosh

M&S

Scorched Squash with Beetroot & Pomegranate Relish wrap, £2.80

This sandwich is trying too hard. Yes, there’s parsnip mayonnaise. Yes, the sage and thyme wrap has a slight stuffing aftertaste. Yes, 5 per cent of the £2.80 cost goes to charity. But, no it is not remotely festive. Finding interesting veggie options at Christmas can be tough, I admit, but the best idea is often to keep it simple. What even is “scorched squash”? Serena Kutchinsky

Festive Feast Trio, £3.30

Trios are very Christmassy. The three wise men. Seeing three ships. The number of days you stick to your New Year’s resolution. So M&S gets points for its “Festive Feast Trio” just for that. But it’s also a passable seasonal platter, spread between three rolls. The “posh” prawn cocktail sandwich is only really posh by Seventies starter standards – the slimy prawns are lent an all-important crunch by the cucumber and lettuce, but it’s nothing special. Then there’s the turkey feast and brie, which doesn’t have much flavour at all – but that’s probably because it’s turkey and brie. The third wise sandwich, cheddar and grape chutney, is more moist and punchy. Basic dry, unflashy bread all round. It’s an ok selection if you can’t decide which sandwich to buy, but honestly, you should be able to decide this far down this article. Anoosh

Venison & Sour Cherry Chutney, £4.50

With the sale of Sir Edward Landseer’s most famous painting in the news, what better to accompany a viewing than a M&S Venison and Sour Cherry Chutney sandwich? It’s a winner but a little less filling would allow you to taste the venison properly and the sandwich would be more Monarch of the Glen and less “The Stag at Bay”. Stephen Brasher

Morrisons

Turkey Dinner Sandwich, £2.30

The full-works supermarket sandwiches tend to all merge into one, but this one is slightly better than the others – the cranberry sauce is a bit tarter and less pointless. Anoosh

The ghost of Christmas future

HUEL

Christmas Pudding Huel, £28 for 1.7kg (14 meals), £45 for two

“Nutritionally complete meals in a couple of minutes.” This is the message from techy flour merchants Huel (“human fuel”, not “gruel”, despite appearances). Yes, once climate change destroys all the Big Macs, the food of the future will come in varying sizes of clinical sealed white pouches, complete with a helvetica font. Its mission? To make whole meals “with minimal impact on animals and the environment”. If you’re an eco-friendly health fadder, this will be just your cup of powder.

As it’s Christmas, I tried the Christmas Pudding flavour. I mixed one scoop (38g, 152 calories – nearly a packet of Walker’s crisps, I wistfully discovered) in my special giant space beaker with the required amount of cold water. Then I drank a little bit of it. Then I shuddered. It tastes of over-diluted, grainy powdered milk, with a sprinkling of grated cardboard. It has the consistency (but none of the sugary flavour) of leftover cereal milk. The aftertaste is a sort of woody processed spice, like really cold tiny fragments of clove coating your tongue. The vanilla flavour is more palatable, but I reckon the best thing to do with this Christmas pudding is to set fire to it and leave it at that… Anoosh

Coffee shop pitstops

Costa

Turkey & All the Trimmings Toastie, £3.95

Quite pleasant but the overwhelming taste is of a wet turkey struggling to get out of a vat of cranberries and ultimately drowning. Stephen Brasher

Pigs in Blankets Panini, £4.25

I will admit I consumed this in sub-optimal conditions – heated in the office microwave, rather than grilled. But that doesn’t really excuse its blandness. I mean, come on. There are two types of pork here, plus “herby stuffing” and cranberry sauce, and the damn thing is 559 calories. How do you make anything 559 calories and not be nice? By this point, the conscientious dieter will already have mentally rejected this in favour of a chicken salad, so why not go the whole hog and put some more cheese in it? And yet nothing in here really tasted of anything more than “vague meat”.

Also, because the ciabatta hadn’t been stamped flat in a grill, it was difficult to keep the sausages – which were unpleasantly flaccid – under control. They slid out and nearly landed in my lap. (I should have taken this as a sign and abandoned them.) On a bitterly cold day, I can see this being a tempting option when it emerges toasty fresh from a grill, but it isn’t to be contemplated under any other circumstances. Helen

Gluten Free Turkey, Bacon and Cranberry Wrap, £3.20

There are two things you need in a successful wrap, whatever the time of year: an even spread of tasty ingredients and enough structural integrity that it won’t leak in your hands. Sadly, this offering from Costa could provide neither of these things in full measure. The turkey was more flavourful than in your average shop sandwich (ie, it had a slight poultry taste) but it, as well as the lettuce and bacon, had bunched at the top, meaning that after a couple of bites I was just eating wrap and sauce. And that sauce – the sweet cranberry jam had leaked out the bottom of both halves of my wrap, leaving me with unpleasantly sticky fingers. The wrap itself is slightly chalky in texture, as is usual with gluten free products (it’s made mostly from tapioca starch, according to the list of ingredients). The flavour combination is reassuringly Christmassy, but unfortunately the starchy wrap rather dampens any festive spirit this contender might have evoked. Caroline

Starbucks

Starbucks Turkey Feast baguette, £3.99

This one really is a feast: bacon AND turkey in a harmonious conversation with each other. Surprisingly the turkey tastes like what your momma makes at home, and there really is some smoky maple in the bacon. Some more cranberry chutney would perk it up to perfection, but all in all I’m left happy. Right until I remember it came from Starbucks, and start thinking about America. Pinja

Festive Veggie Feast baguette, £3.99

A Starbucks food sceptic, I did not expect to be won over by their Veggie Feast Baguette. But it was a triumph. The baguette is crispy on the outside, soft and doughy on the inside, the squash full of autumnal flavour, the sage and onion stuffing ensuring this is decidedly Christmas fare. But it’s the cheese that really makes the sandwich – there is absolutely tons of rich brie, thoroughly melted and paired with a delicious real ale chutney. While other festive veggie options can feel far too healthy to really count as Christmas food, this is indulgent in the best way. Anna

High street treat

Pizza Express

Porchetta Natale Romana Pizza, £13.20

Before going further, I must admit to being an unpicky Pizza Express fan. Give me anything on a Romana base and I’m yours. So it’s unsurprising that I loved the seasonal special “Porcetta Natale Romana”, which is apparently a “delectable twist on the classic Christmas roast dinner” – or “pigging delicious”, according to a more straightforward bit of the press release. It is a juicy and delicious meat feast: pulled pork, herby stuffing, glistening scrunches of pancetta. Its triumph is also its downfall, however. By bypassing the dull flavours of turkey it also ducks being an authentic Christmas dinner on a pizza. Anoosh

Snowball Dough Balls, £3.85

The only thing more delicious than fluffy balls of dough are fluffy balls of dough with wordplay attached. So it was with disappointment that I learned Pizza Express’ seasonal rebrand of its classic dough balls starter aren’t called snow balls. Not even snough balls. No, they’re called Snowball Dough Balls. Which is silly. Still, piping hot, dusted with cinnamon and dipped in rich vanilla cream, their sheer tastiness almost makes you forget the missed opportunity to pun. Almost. Anoosh

Cauliflower Cheese Romana Pizza, £12.50

Have you ever eaten a delicious pizza, dripping with cheese, smothered in garlic, and thought, “Nice, but what would make this really amazing is some cauliflower?” No? Well, Pizza Express assumes you have with its veggie Christmas special, Cauliflower Cheese. It always slightly amazes me what meat-eaters think will get vegetarians salivating – hint: not cauliflower! But this pizza is actually really nice, mostly because of its other winning ingredients: pecorino, “pink” onion, and pine kernals. It loses points for me for having no tomato. There’s nothing that draws me to this pizza over the chain’s other (brilliant, in my humble opinion) offerings, but it’s not bad either. Anna

The artisan choice

Forman & Field

Traditional Smoked Salmon & Cream Cheese Bagel, the “Boris Bagel”,​ £5.95 for two

It’s the “Boris Bagel”, from the people who brought you the Boris Bike and the Boris Bus... Except this is not double-decker and you can open it, unlike a Boris Bus window. Actually H Forman & Son are the oldest remaining salmon smokery on Fish Island in the East End, an area once home to London’s largest Jewish population and still several legendary bagel shops. This bagel has definitely got that authentic chewy, glossy quality familiar to regulars at Brick Lane’s 24-hour Beigel Bake, and a world away from crumby supermarket fare. You know when you have top-quality smoked salmon, and this is it: a classy shade of pink, and you can taste that swirling oak smoke. It’s offset by some nice creamy cream cheese, and elevated with chopped chives and lemon juice. Not exactly a Christmassy choice – perhaps one for Hannukah. What makes it Boris-y? It seems it was named after him after he sang the praises of Forman’s, and opened their new factory. But that was back when he was Mayor of London. Does Brexit mean bagels too? Oh and where’s the Sadiq Sarnie? Tom Calvocoressi

Letterbox lunch

Graze

Merry Mince Pie Flapjacks, £1.19

It is arguably against the very spirit of baby Jesus to eat something that tastes like a mince pie but is not a mince pie. This, however, is good news for mail-order desk snack connoisseurs Graze’s Mince Pie Flapjack, as – despite the name – it tastes nothing like the traditional festive offering at all. What it does taste like, however, is gingerbread, which is fine, really. Better for everyone. As a spicy, Christmas flapjack, this will warm your bellies. As a mince pie? It is nought. Amelia

Posh crisps

Fairfield’s Farm

Kelly Bronze Turkey, Sage & Onion crisps, 80p

These high-quality crisps have a satisfying thickness, reminiscent of Kettle Chips and other similarly posh potato-based snacks. The simple, stylish black packaging is eye-catching. And you can assuage waistline guilt safe in the knowledge that this is a product with strong eco-credentials – the crisps are hand-cooked on a family-run farm in Essex using as many locally sourced ingredients as possible. The only problem is the flavour. The turkey taste is weak, and the sage and punchy onion is overwhelming. The overall effect is that on the first bite they seem flavour-free, only for a salty aftertaste to hit seconds later. Definitely one for sharing, rather than solitary scoffing. Serena

All images are publicity shots from the respective outlets, apart from those used to illustrate Waitrose and HUEL, which are the author's own.

Anoosh Chakelian is deputy web editor at the New Statesman.