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It sort of means 'my bad' but it's more like 'yes this was my fault but I can incorporate Latin phrases into my conversation so I'm still better person than you especially as you're going to have to google this phrase. (NB. Can also be used in a tongue in cheek way by some decent people who don't realise lots of people don't know what they mean). Entered more into the public consciousness following the use of this phrase by Jacob Rees-Mogg MP
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