Reed Elsevier is known to be rather resilient for economic downturns. Most of its ‘normal’ cyclicality is in Exhibitions and RBI. However, the current crisis is not a ‘normal’ crisis. Unlike previous downturns, there is very little to no room to give a boost to the economy by means of increased government spending, due to the sovereign debt problems. Will Reed Elsevier be resilient enough to deal with the effects of decreasing government spending as well?