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Alistair Darling, the chancellor:
"arguably the worst" economic downturn in 60 years
admits he had no idea how serious the credit crunch would become

In Guardian Weekend magazine, Darling warns that the economic times faced by Britain and the rest of the world "are arguably the worst they've been in 60 years".
To deepen the sense of gloom, he adds:
"And I think it's going to be more profound and long-lasting than people thought."
The Guardian, August 30, 2008

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