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and the banking collapse. And the third element -- which to some extent was a consequence of those two things -- was a classic recession.Consumers stopped spending last October, November. They turned on the ten o'clock news -- Robert Peston -- everybody getting into a blind panic. People in this country started worrying abouttheir consumer debts, big mortgages. And it's worth remembering that the U.K. household debts in relation to people's incomes is the highest in the developed world, and probably
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