As home prices fell and loan losses mounted, more of the shadow system became insolvent.

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Despite impressive growth, prices remain stuck at autumn 2003 levels, while the shadow inventory stood at about 3.1 million units last summer, according to Barclays, compared to an average of about 500, 000 before the crisis.

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Ever since then, most of the chatter has been about a double-dip in prices, a massive buildup of inventories, and a lurking shadow inventory.

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For Labour, shadow chancellor Ed Balls told BBC News the VAT rise in January had already put fuel prices up.

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The spat came during question time in the Commons on 7 January 2010 when shadow energy secretary Greg Clark claimed British consumers were paying more because the country lacked capacity to stockpile extra gas when prices were low.

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