I bet that until fuel prices drop we will get deeper in. Finance rules most of the world after oil. We have no chance of escaping just look at the tax situation as well. The gravy train is still running but people and institutions are leaping aside to try and cover their backsides. When the current round of mortgage applications is sorted we will not all be worse off but with the oil prices everything is affected whether we like it or not. With low inflation and still some growth it is technically only a slow down but that can be bad enough. 3 US airlines failed in recent weeks, plus Alitalia perhaps BA? Virgin merger what next? Take out a £60k loan to fly? NO not likely!!!