with the bank saying it won t extend today s deadline. the most important thing to say here is that even if it all goes horribly wrong, the money in your pension will be protected. mortgages though are very vulnerable to changes in the market, with mortgage rates closely linked to gilt yields. and that is one way this could have an impact on all of us. changes in gilt prices, the interest rate on government debt going up and down might sound quite abstract. but in material terms, it means much higher mortgage costs for people as they come off fixed rate deals. and as people are paying more for their mortgages, consumer spending will suffer, pushing the economy towards a recession. it means ultimately higher borrowing costs for companies, which will affect their plans to invest or hire people or expand. and it means a higher cost of servicing its debt for the government. and what that means is, more and more of our tax revenues,