“Look, sure my idea might mean you will receive lower wage increases than you would like, but relax,” and then with a nod and a wink, talked about falling interest rates.

Okay that’s not exactly what Mr Darling said, we paraphrase, but the fact is yesterday he tried to quell union disquiet over his plans to tie down wage deals for three years by suggesting interest rates were set to fall.

“I would hope that if interest rates continued to come down then the benefit of that reduction would be passed on to mortgage payers,” he said, and added, “Just as people recognise that when interest rates go up their mortgage rates go up, they expect that when interest rates come down the lenders will reduce the rates. It’s part of the deal.”

Ummm, it’s all a little curious isn’t it? For one thing, the Bank of England is supposed to be independent, so it really isn’t Mr Darling’s business to talk about future changes in interest rates.

Secondly, doesn’t his comment miss the point? The main reason for slashing interest rates is that the credit crunch has been pushing down on the supply of money. So, if banks do what Mr Darling says and follow official rate falls by reducing their own rates in proportion, then that would mean the credit crunch is over, and there is no need for the Bank of England to cut interest rates.

Thirdly, what about savers? Remember, in this era of traditional banking that Mr Darling wants us to return to, for every borrower there should be a saver, and these people lose out from falls in interest rates.

Under the Darling plan, it seems the beneficiaries will be workers with high debts, those who have diligently saved will lose out – and that’s why it is dangerous to try and relieve union anger over fixing wage deals, through talking about lowering interest rates.

It seems that chancellor Darling’s long list of mishaps has grown that little bit longer.