Am I the only one that can see the upside of this?
In previous years our people have spent more than their incomings by creating debt. More debt stacked upon more debt and this has causes real problems for families. So, people have been forced to cut their spending back to what they can afford. This is much better for the people as individuals but leaves economists and doomsayer politicians with horrendous headlines for the mainstream media to pump out.
Tax revenues will be down but so will imports so the balance of trade will be better. Keep paying down debt and living within your means if you can. Vegetable peelings have more integrity and regard for national welfare than our pompous politicians.