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The Business, London, Fraser Nelson column.(Column)

Byline: Fraser Nelson

Sep. 29--Even by Gordon Brown's Houdini-style standards, it has been an extraordinary escape. The credit crunch is a global crisis, but only in Britain has there been a run on the banks. Only in Britain did the central bank fail to pump penalty-free liquidity into the market, following the lead set by the European Central Bank (ECB) and the Federal Reserve. Only in Britain was there a policy U-turn resulting in the taxpayers underwriting every penny of savings in a supposedly private bank, Northern Rock.

All this should have mounted to a heap of political trouble landing straight on to the doorstep of 10 Downing Street. And yet, in defiance of ...

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