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North of London | Yes, it is a common cycle.
When prices are high it is easy to expand with more borrowed money each year
And then prices fall and/or interest rates rise and the bank manager says 'pay me now, no more money'
I am old enough to have seen it happen more than once.
Some of the "best" farmers left the business when things changed and many "poor" farmers remained in business.
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What an auction !
