The Sun reports that during discussions of the collapse of Lehman Brothers on last night's Newsnight, Jeremy Paxman asked the BBC business editor, Robert Peston, what the effect would be in the UK. 'If you wanted to be pessimistic it would be that we are now in this rather negative feedback position where the de-leveraging is feeding a recession which is increasing losses for banks and that therefore we are going to be in the smell stuff for quite some time.' Complicated badness, then Rob?
