There are two branches of Greggs in Walthamstow at the top and bottom of the High Street, purveying pasties, sandwiches, cakes, sausage rolls and donuts throughout the year. These basic items, along with pizza, are no longer the source of internet derision, but are apparently the food which is going to fuel us all through the recession.

The firm has announced that their mince pies went down very well during Christmas, demand reaching 1 million pies nationally in the three days before Christmas, with an overall rise of 5.3 per cent compared with the year before. It seems we were scoffing our way round the sales this year instead of buying pressies and bargains.

Despite increased sales, the Financial Times reports that pre-tax profits for 2008 are expected to be about £44m, some £5m down on 2007. Greggs are expecting to be able to sell their existing cheap sarnies in 2009 and increasing sales of higher-priced sandwiches to customers trading down from more expensive competitors.

Sainsbury's also tried to capitalise on the surge in the sausage roll market in the last few months, though they have, like Tescos, underestimated the importance of knowing what the public expects in a sausage roll and come under fire for the quality of their products.