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A bad year in the City

Lehman collapsed in September 2008, beginning twelve of the worst months the City has ever known

By Chris Hughes   September 2009

The London stock market has been trading at a ten-month high. The best traders are signing multimillion pound contracts. Sealed bids have returned to the top end of the housing market. A year after the collapse of Lehman Brothers on 14th September 2008, the City feels like it is returning to normal.

But the City looks very different. The crisis was well underway when Lehman went bust but the firm’s collapse introduced an intense period of turmoil. British taxpayers have over the past year spent £50bn on shares in British banks and put at least a further £500bn into supporting…

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