Abstract
The coronavirus credit crunch: how can we avert the debt crisis?
Highlights
In a pincer movement, large numbers of working class people were made unemployed at the same time the ‘subprime lending market’ opened up
It has already become a cliché to say that the coronavirus pandemic poses an unprecedented challenge to the legal and financial sectors – and to the whole economy as we know it
Any faltering ‘economic recovery’ we have experienced in the UK since 2008 cannot be divorced from the phenomenon of spiralling consumer debt, and this spiral looks set to worsen as coronavirus’ financial consequences start to play out
Summary
Large numbers of working class people were made unemployed at the same time the ‘subprime lending market’ opened up. Restrictions on lenders were relaxed to enable poorer people to borrow to buy a house, or to obtain unsecured credit at high interest rates, whilst homeownership was presented by the government as personal advancement – a sign of ‘going up in the world’.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
