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Two

2Second, to continue to increase flexibility in the cost structure. Great strides were made in 2005, 2006 and 2007 on this. Peak flexibility historically was in 2000, at 6.6% of revenues in variable staff costs. Now at 7.4% in 2007, 7.7% in 2006, 7.6% in 2005 and 7.8% in 2004, we have seen new peaks; and once again we have a sufficient 'shock absorber' in our cost structure, if revenue growth weakens, as it may well do following the financial crisis.