The clatter of hooves in the stable yard, the smell of the work riders’ bacon butties drifting in the air. Warmly wrapped trainers and bloodstock agents scratching at their catalogues. Horses breezing in pairs down the Kempton straight in the misty early morning. When CNN sent me out last Friday to see what effect the recession was having on horse-racing I have rarely had such a concatenation of work and pleasure.

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