Nope - not really Our (and thanks to us and the yanks) the global economy has recently been built on spending way beyond our means built on the foundation of an expectation of increased real income and inflating houseprices and other assets- these particular bubble assumptions have now had a big. big reality check.We are even more screwed becuase a larger part of our economy than most others (excepting Icealand maybe) was built on this bull. People, for now, are realising this so any extra money they get as a result of interest rates cuts (and for savers there isn't any) should be used to reduce the stupid level of debt we have acquired......I expect REAL incomes and houseprices to be declining for upto a decade, most of us better forget about our organic delis/skiing trips and other such indulgencies for some time....