Should they stay or should they return? The dilemma of a holiday crisis

Former deputy prime minister John Prescott is one of many to have tried to stir things up, largely on Twitter - his preferred choice of communication as it allows him to screen out criticism and listen only to those voices which slavishly hang on his every word.

Let's deal with Prescott first. He, perhaps more than most, should know that getting wound over who is in charge over the summer holidays is a bit of a nonsense. That said, he was the first deputy prime minister most can remember who wasn't left in charge when his boss when on holiday - Tony Blair preferred to give Peter Mandelson that honour, so maybe it figures he wants to try and whip up a bit of a storm now he's no longer in power. Either way, as usual, he's just a sideshow to the real issue, and should be treated as such.

Prescott isn't the only one to try and make political capital here. There have been plenty of mutterings from current shadow ministers about where Cameron, Osborne and Clegg are. But it's important we don't become deflected by this because it's a canny way of shifting attention from the critical question: What would Labour do differently?

This path includes plenty of traps for Labour, and they know it. For example, Ed Balls has been a very keen advocate of the UK following the USA's route of slower deficit reduction - and as some Tories point out now, that's not looking so smart is it?

Before everyone gets carried away with the idea that the country's leaders are sunning it up while the global economy melts, it's worth considering the impact that a sudden recall of Cameron, Clegg and Osborne to London could have.

We live in a 24-hour news world where every tiny development becomes a huge news story in its own right. There's a very real danger that anything which could be portrayed as an act of panic by the PM or chancellor could have devastating effects to our markets. The point here being that the UK is suddenly seen as a pretty safe place to invest, for now.

And, living in the real world here, what more could the PM and chancellor do in London that they can't do from a Villa in Tuscany or a hotel in California? Mobile phones, emails, the internet, video conference calls all ensure that they are in constant contact with developments. If Cameron needs to talk to his counterparts in France or Germany on the phone, it makes no odds whether he's sat in Downing Street or Tuscany.

Of course, this approach is at complete odds with the actions of former PM Gordon Brown. His people always gave the impression of being ready to jump into action as soon as a crisis arose. His people knew that Brown always looked best when dealing with a crisis. But it was still perception over reality.

As things stand, the risks of a PM rushing back to look active in a crisis poses more problems than it solves. Our last PM relied on a crisis to look good and effective, our current PM doesn't have that problem - and we may be all the better for it.