Even though I don't own a house in the UK, when the house price falls it will have a direct effect on most people. Last year house prices fell an average 6.5%, this means that if your house was worth £150k , its now worth £140k. These falls vary throughout the country, but with a mortgage of £500 a month. It means you also paid £6k to loose £10k. Renting in these times is a good option.
VAT as gone up to 20%, this doesn't a great deal in the great scheme of things, but it will have a direct effect on inflation. Inflation isn't under control and this extra burden could mean a rise in interest rates. As a non mortgage payer this will only mean my small savings will be worth a little more, but for mortgage payers who are index linked to the base rate, it will mean an increase in monthly payments. Higher interest rates may also help the pound become a little stronger in the currency markets, which will be nice.
I've only got a part time job at the moment, I'm looking for a couple more part time jobs to keep me going. But there is about to be a large number of people loose their job from the public sector. This will mean more people chasing jobs. It will also mean less people providing services, this will be noticed!
I hate tempting fate, it has a habit of biting me in the arse, but if I can find a couple of jobs to give me 20-30 hours a week and Nuch keeps her job, we should be OK, but who knows? My motto is "Never knowingly thinks ahead"
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