The Credit Crunch is affecting the UK in ever more diverse ways as time goes on. First there are the rising layers of debt which cannot be repaid. The government owes the banks, the banks owe the government, businesses owe the banks and the banks are calling in their loans from everybody.
The ramifications just keep on coming to the surface. The trickledown effect of the first spectacular busts is beginning to be felt in many smaller and more unexpected ways. More high profile cases give way to the woes of “everyman”, far from the flashbulbs of the press. As survival looks gloomy and uncertain, a diet of discounted supermarket goods and nights in is the order of the day, further dashing the chances of independent food stores, pubs, venues and their affiliated industries.
A new craze for ‘skipping’, picking up nearly out-of-date fruit and vegetables from local market places when it has been rejected by the food retailers, is even on the rise in some cities. While the UK banks are bailed out by the government and the car industry is lobbying for some of the same treatment, those same banks are foreclosing on loans, overdrafts, mortgages and credit card debts across the country. Once so eager to sell their customers cheap debt, banks are now tightening the leash and withholding funds and assistance from the very people they sought out to entice with a diet of ‘payment holidays’, ‘equity release’ and ‘credit.' Giving rise to the dawn of
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Now, as confidence ebbs, houses are losing value faster than ever before, businesses of every shape and size are being denied vital funds, people are losing their jobs and the flow of funds and work is slowed to a mere trickle.
Anecdotally, in the world of the freelance translators, work has almost dried up as international business dealings grind to a halt. Still, perhaps there is light at the end of this tunnel. After a period of reflection and long overdue cooling off, perhaps those laid off will gather what they can, gird their loins and re-launch themselves into the economic fray with a little more wisdom and restraint for a better time next time around.
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