How was the credit crunch for you?

How was the credit crunch for you? So far, our nice two year mortgage fix could not be renewed on the same terms. So, we have had to go on the standard variable rate
(SVR) and the game plan is to pay off the loan as much as possible. There has been
some financial pain but not too bad. UK fixed mortgage loans often have capital repayment limits so the standard mortgage product does not look too bad, if we can get it down.
For many UK subjects the credit crunch will be a lot more painful. The unemployment claimant count will go up and incomes will be squeezed by rising inflation. Some commentators believe that if it hits 4 pct then the Bank of England might have to increase rather than lower interest rates. That would be pain on a major scale but perhaps it would get the pound up against the euro for the holiday
season.
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Gordon Brown says he is the man to steer the British economy through these troubled times but his main strategy is to plod until the next general election, win it and then really raise taxes. However, the prime minister seems to have lost the confidence of his own political party.
Labour must have had a pretty good idea about what they were getting into with Gordon but still acclaimed him leader. I suppose the change of view must be the expected P45s at the general election. The dispute over the 10 pence lower tax rate showed up Gordon's lack of flexibility.