It's not dramatic at the moment but it is inevitable. As I've spelt out in previous posts the UK economy has long been fuelled by MEW - mortgage equity withdrawal - people seeing their house go up in price and spending the "gains". At peak, in 2003, £93bn was spent into the economy like this.
Obviously MEW is now deader than a dodo crossed with a great auk so the economy has run out of fuel. We'll have to go back to making things for a living; the adjustment will take a while and be painful.