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Suicide, depression and bank runs: nobody ever expected Frank Capra's bittersweet film about small town America to become a Yuletide classic. Released in 1946, this homely homily about the value of life and the spirit of Christmas met with indifferent reviews. But after the story of suicidal businessman George Bailey (James Stewart) and his guardian angel Clarence (Henry Travers) became a staple of December television schedules in the 1970s, Capra's movie was crowned as a bona fide Christmas cracker.

George Bailey is a man who's given everything to his town. Shelving his college plans after his father's death, he takes over the family Buildings and Loan business and marries local gal Mary (Donna Reed). It's the only bank in Bedford Falls not owned by greedy Potter (Lionel Barrymore). When his company goes bankrupt, though, George wishes he'd never been born. Fortunately angel Clarence arrives and earns his wings by showing George what the world would be like without him. It's not a pretty picture: without his tireless devotion, Bedford Falls is transformed into Pottersville, an urban sprawl of bars and strip joints.

"EXPERTLY CRAFTED AND WARMLY PLAYED"

In his inimitable "aw-shucks" way, Stewart commands the picture. He plays the first half with charming comedy, his romance with Donna Reed a tender delight of "Buffalo Girls" songs and Charleston dancing. A lifetime later tragedy comes as Potter, the crotchety Scrooge of this Christmas Carol, almost ruins him. Running wild-eyed through snowy streets of town, George catches a glimpse not of Christmas past, present or future but a Christmas that might have been. It's enough to convince him (and us) to cherish what he loves. Sentimental schmaltz? Very definitely. Yet it's so expertly crafted and warmly played, it's impossible not to shed a tear when George returns home. After all, he's just received the best Christmas present ever: a second chance at this wonderful life.

It's A Wonderful Life is out in the UK on 14th December 2007.