I've heard it said and I've certainly noticed that things are more expensive, but I havent really seen much evidence that people are cutting back. I know many must be but restaurants etc still seem really busy. West End theatres are still full, you still need to book to take the family bowling at the weekend.
However, this weekend I went to see a band in the pub on Friday and it was really quiet, a venue that's usually busy and DC took me for breakfast at a chain restaurant for Mother's Day. It was less than half full.
An unpopular band and people were going out for lunch so didn't do breakfast or is it starting to bite the industry?