MX5 '91 1.6 Eunos V-Spec Handbrake Help

[Sal92]

Hi,
so I just picked up a nice Japanese import with 14 years worth of service history, no rust etc - couldn't be happier really. Had no problems with it for the past few months but I got into the car this morning and the handbrake felt very loose and doesn't grip until pulled all the way. Up until now it has been very strong, going up about half way. It's been cold here over the last few days but I was wondering if any of you learned gents would offer some suggestions on how this change could have occurred literally overnight? I'm hoping I haven't snapped anything... Like I said i'm a bit of a greenhorn and not too mechanically minded so speak slowly!

[Sal92]

Thanks guys. Weirdly after a few days it seemed to have sorted itself out, I mean it doesn't really do much to slow the car at all if I tried to pull a handbrake turn or anything but it's firmed up again for normal use...

However I have noticed that it is drinking an obscene amount.. I commute thirty-ish miles a day with a light foot in traffic
and am using about 7-8 pounds worth of fuel per day... a noticeable drop in the gauge. I don't see anything leaking anywhere and it might just be the nature of the beast but surely that seems a bit much for a 1.6?...
I've read that an o2 sensor might be the culprit because 16 mpg seems a bit low....