It appears that Peter Mandleson maybe laying the foundations for the government having a change of heart over Britain being best placed to ride the economic storm.
He writes this article in the Wall Street Journal which includes the passage
Like all advanced economies, the U.K. has taken an early hit from a credit crunch that began with a serious failure in financial markets -- perhaps even more than most because of its large financial-services sector. Its high levels of consumer spending are now subject to a sharp adjustment as people and families retrench and focus their resources on repaying debt.
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