Hi, I'd say 'yes', although I haven't been in Britain for a long time. It's not a new expression. My understanding of its origin is that it comes from the army.
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JjfI heard the announcer on the BBC say this the other day. I don't remember the exact situation, so I'll invent one: "She arrived at the party in (wait for it) a moped." Basically he used "wait for it" as an funny commentary, in effect saying "pause to savor this moment of delicious irony." I'd never heard the phrase before, but I thought it was hilarous. Is this a commo