Except "the experts" were predicting terrible things immediately, not later on - remember the punishment budget necessity?
Inflation "massively outstripping wages" is just over the Bank of England's target, the one it has been massively under for the past 5 years. The drop in sterling doesn't lead to sustained inflationary pressure. Wages are also picking up as well, though not in the public sector.
The "massive increase in race related crime" is also far more complex than newspaper headlines give credit to. The big headlines came from the immediate aftermath 4 days where crimes reported to a website went from 54 to to 85 - i.e. 57%. The police statement on this made the point that it was only a single source that they weren't seeing an increase in community tension - guess what the press went with? The police statistics do bear out an overall increase since the previous year, but by a much lower margin - and in line with year on year increases.
The key point though is that in the UK hate crimes are defined as when the victim, or any other person, perceives a crime to be a hate crime - thanks to the legacy of Macpherson. Reported hate crimes have been trending up for years, partly because there has been a massive cultural shift in the police to record them and on people to report them. So, as with all statistics, it is complicated - did more people perceive an increase in hate crimes because they were being told that they were spiking? Has Britain become a more intolerant place or are we just recording better how intolerant we've been for a while? The Civitas report on this makes for interesting reading http://www.civitas.org.uk/content/files/hatecrimethefactsbeh...