Consumers should be braced for a 'rapid, painful adjustment' as Britain's buy-now-pay-later economy faces up to a new era of straitened credit. 'This is going to be a rapid, painful adjustment and it will be a rough ride for a substantial proportion of the population. We are facing a massive sea change in the balance of the economy, 'It will be particularly painful for those that have recently stepped onto the housing market ladder and those coming off cheap two-year fixed mortgages.' All hopes now rest on are exporters!!! Do we have any left?

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