People's spending has increased- on mortgages, fuel, insurances, transport, water.taxes, food, borrowing.
I'm no astute finance guy like Sunak, but even I can work out that this means there is a damn sight less left over to spend on niceties like new homes, cars, holidays, leisure.
The knock on effect is less manufacturing, less building, less shopping. This has been obvious for many many years. Why don't they teach it in economics classes? Or is Sunak so clever that this is part of a master plan?