It’s a phrase we hear all the time, Sub-Prime, usually associated with the worldwide credit crunch now current across the mortgage market. But where did it come from?

Some historians think it can be traced back to the Old West and the vast cattle markets of of Chicago and Nebraska. Traders labeled the finest cuts of meat as “prime” and the lesser cuts “choice” — something of a euphemism, obviously.

However, “choice” was usually translated in buyers’ minds as “sub-prime”, that is, something no-one really wanted.

Then “prime” was adopted by American bankers to describe rates charged to their most creditworthy customers. All others became “sub-prime”.

British banks apparently have more fruity terms. What in the States is called “sub-prime” is in England labeled a “lemon”.

There are a lot of lemons around just now.