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Mon 02 Feb 2009Dressing up when things are on their way down

One of of the most blessed side-effects of recession is that we all smarten up. The new smartness is born of paranoia, writes LUCY KELLAWAY

LAST SUMMER, I had dinner with a dozen British and Italian insurance managers in Rome. In desultory fashion, we discussed the weather (hot) and the economy (not so hot) until someone raised the subject of socks.