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We use this expression to say thank you for something and say that maybe the other person has been too generous.
Written: Yes
Spoken: Yes
Formal: No
Informal: Yes
Example 1
Hey, everyone, I've bought doughnuts. There are enough for everybody.
Thanks Joe. Really you shouldn't have.
Don't mention it.
Example 2
Simon, I'm speechless. This is a real diamond.
Well I wanted to get something you'd like and..
I do. It's lovely. But really, you shouldn't have!
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