The leaders of the world's economy came under fire during the annual bonfire procession through Lewes.

A giant effigy of Alistair Darling along with a man believed to be Barack Obama dressed as Uncle Sam and holding a dollar sign was paraded through the town last night.

Crowds cheered as the papiermache model was carried through Lewes by the Cliffe Bonfire Society.

The Chancellor of the Exchequer model was seen holding an Iceland receipt listing Lewes, East Sussex and Kent councils along with Sussex Police Authority, all of which have millions of pounds at risk after depositing them in high interest accounts with Icelandic banks which collapsed last month.

The back of the effigy showed a graph of the FTSE with the prices falling and a playing card featuring a caricature of Mr Darling as the joker.

Tony Shipley, 29, from Lewes, said he thought beforehand that the effigy would have a reference to the credit crunch.

He said: “People have been saying it could be Barack Obama but I thought it would be too much of a risk to build it before he was elected.”

Wynn Lucas, 42, from Polegate, watched the procession with her son Mark, 11. She said: “It never fails to amaze me. It was something everyone could enjoy, unlike last year’s which was a bit too controversial.

“This was possibly the best procession in years.”

Moira Daniels, 34, from Eastbourne, said: “This is only my second time here and I am hooked. It was a great effigy but I guess it could not be anything else other than the credit crunch.”

Borough Bonfire Society’s effigy was a wooden horse which had a sign saying ‘Smile You’re on CCTV’ and a arrows pointing offenders to one of four places, the police custody centre, Lewes, the force headquarters or to the riot squad.

Commercial Square Bonfire Society also opted for the credit crunch theme with a model of Prime Minister Gordon Brown and Alastair Darling sat in a car featuring the registration plate PLONKERS.

Buy The Argus today for a souvenier supplement with loads of Lewes Bonfire snaps.