It's been a bumpy ride over the last few weeks. The bombshell that was Northern Rock has served as a timely reminder that confidence plays a huge part in turning a market. Our biggest concern is what the knock on effect that events like this have on the rest of the market and in particular on our market in tax. Whilst we certainly haven't seen an immediate drop off in activity, I sense a note of quiet caution especially from within the fs sector. Is this the start of something big or a mere blip? The underlying indicators in tax suggest a blip but confidence is a fragile thing and it pays to hold your nerve in unstable times. What do you think lies ahead?