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In fact I think I am now better off. 

I know I'm only an 18 year old student rather than a house owner with a mortgage, but still. 

My wages have stayed the same. Prices haven't gone up on anything I buy. VAT has decreased by 2.5%. And petrol is about 20p cheaper per litre than it was a couple of months ago. 

I hear news stories everyday about how big companies and banks are going into administration/bankrupt and how this is the end of the world, but it hasn't effected me at all.  

How is the recession effecting you?