The Bank and the Treasury
If red lights aren't flashing in Downing Street today they should be. The signs of divisions between the chancellor and the governor of the Bank of England would be unwelcome at any time. They are of real concern in the midst of the, as yet unresolved, Northern Rock crisis. They should be truly alarming on the eve of what looks set to be the toughest year the British economy's faced in a long time.
How great, though, is the rift?
We know that Mervyn King and Alistair Darling differ on what went wrong before the Rock foundered.
We know that the Treasury is considering making itself rather than the Bank the key decision-maker before the next strikes.
We know that, according to the Sunday Times, the Bank wants to introduce its own fundamental reforms but believes that the government is "unable to focus because morale in the government is so low".
We are told that the well connected author of that article, Irwin Stelzer, had recently lunched with Mervyn King.
Now it would be surprising, perhaps even worrying, if there weren't some tensions between the Treasury and the Bank at a time like this. What will matter is how they're dealt with and whether the two men decide to resolve their differences amicably or discover they're irreconcilable.