Slow down in Britian?

In Britain:

• Inflation is back. Retail prices rose by 4.8% in the 12 months to March, the most for almost 16 years.
• The Bank of England has raised to 5.5%. It is anticipated that the rate will go to 6.0% by the end of the year.
• Debt-servicing costs are at their highest as a share of disposable income since the recession of the early 1990s

According to the Economist (June 28) "The willingness of households to pile up debt buttressed the growth in consumption and overall demand during the past few years. In effect, however, it brought spending forward. Now the danger is that consumers will have to retrench, leading to a nasty economic slowdown."