Question by Jay: How was the United Kingdom affected by the Credit Crisis in 2008?
I am currently working on a term paper regarding the credit crisis impact on the UK. I understand prior to the credit crisis, the UK banking system derived there cash flows from securtization and the financial markets. Most of there operations were not derived from deposits. I am trying to find out if this market securitization that the UK was involved in came from the US sub-primed mortgages or other debt’s. If any one can explain this and how the ties between the UK and US were related. Also, I relized that the UK, besides the US, had a smaller decrease in there Stock Market when compared to other countries like China, India, Canada and others for the year ending of 2008. The UK and the US fell around the same amount which was approximatly 31%. Any help on this is greatly appreciated!!
Best answer:
Answer by Dating-Expert
UK was seriously affected by Credit Crisis
Many financial institutions collapsed, many retailers closed their businesses such as woolworth etc
Hundreds of thousands of people lost their jobs
employees in public sector got their salary increment frozen
in short it affected almost every single person in one way or another
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