As we face an uncertain and worrying New Year, we can at least console ourselves with the fact that we are not living 1,600 years ago, and about to begin the year 410. In this year Rome was sacked, and the empire gave up trying to defend Britain. While this marks the glorious beginnings of “English history”, as Anglo-Saxon barbarians began their inexorable conquest of lowland Britain, it was also the start of a recession that puts all recent crises in the shade.

The economic indicators for fifth-century Britain are scanty, and derive exclusively from archaeology, but they are consistent and extremely bleak. Under the Roman empire, the province had benefited from the use of a sophisticated coinage in three metals – gold, silver and copper – lubricating the economy with a guaranteed and abundant medium of exchange. In the first decade of the fifth century new coins ceased to reach Britain from the imperial mints on the continent, and while some attempts were made to produce local substitutes, these efforts were soon abandoned. For about 300 years, from around AD 420, Britain's economy functioned without coin.

Core manufacturing declined in a similar way. There was some continuity of production of the high-class metalwork needed by a warrior aristocracy to mark its wealth and status; but at the level of purely functional products there was startling change, all of it for the worse. Roman Britain had enjoyed an abundance of simple iron goods, documented by the many hob-nail boots and coffin-nails found in Roman cemeteries. These, like the coinage, disappeared early in the fifth century, as too did the industries that had produced abundant attractive and functional wheel-turned pottery. From the early fifth century, and for about 250 years, the potter's wheel – that most basic tool, which enables thin-walled and smoothly finished vessels to be made in bulk – disappeared altogether from Britain. The only pots remaining were shaped by hand, and fired, not in kilns as in Roman times, but in open ‘clamps' (a smart word for a pile of pots in a bonfire).