It’s hard to think that with the effects of the financial crisis and the credit crunch still lingering, there might be people in the UK that haven’t been affected in some way.
Be it a noticeable shortfall of options for borrowing money or the loss of a job or house, everyone, everywhere knows at least one person who has had to deal with crippling consequences of the current financial climate.
Recent announcements by the Bank of England and government analysts have suggested that the worst is over and that the UK is recovering. That may be easy for analysts to say in a press release or TV interview, but the reality is there are still people out on the streets of the UK that are wondering how pick up the pieces after having to either tighten their belts or even let go of treasured possessions and assets.
The younger generation of Brits will probably be able to survive as the employment market loosens up or maybe by taking on work abroad. For the middle aged generation, those two options might not be viable. The discouraging “you’ve got too much experience” retort to job applications is more often heard by older applicants, and family responsibilities can hinder any ideas of upping sticks and moving to (financial) sunnier climes.
The worst part is that sometimes all that is required is cash flow of sorts to get the individual back to their feet but with banks shutting their doors to lending, that can’t be easy.