Why did people lose their jobs in the Financial Crisis?


During the financial crisis, many adults lost their jobs due to the lack of money. Bosses of large or small companies had to pay their workers less money since there was not enough to keep their companies up and running. Thus, when the workers were payed there was not enough money to keep the companies so they closed down and many people lost their jobs. During 2007 and 2010, 8.7 million jobs were lost and also the money. The lack of money earnt left other banks to give money to the head of banks- The Bank Of England. You may also wonder how paying the Government could affect the victims of the financial crisis but for your information it did not affect them and the money went to the NHS, Binmen ect. People that were running a company were more at risk because of the money they had to pay workers let alone themselves and they couldn't ask for money from the bank because they did not have enough so obviously the business had to close. All of the workers would probably not be able to find a new job because most of the big companies were closing down. Most of the time this would result to them becoming homeless and their families if their other half did not work. They couldn't ask for a loan since they would not have a job to earn money and pay it back which could get their house repossessed or have their possessions taken away from them by bailiffs.

In the current issue on The Burnet News Club, I was curious of to where else the Financial Crisis affected and whilst i was doing some research i found out that not only the UK but lots of other countries including the USA were affected by the crisis. I have found this topic very interesting because learning about political history can really help in the future.

I would really like to hear your opinions on the financial crisis. Is it fair? Yes/No why? Leave a comment. ;)

Comments (1)

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  • Olivia-Avatar.jpg Olivia @ Topical Talk 15 Nov 2018

    Well done, this is a clearly written description of what happened and I have awarded you a star for your use of the storytelling skill. The government was involved during the financial crisis. The government used money from people's taxes to help to pay back the banks. Since then, the government has had less money to spend on public services and has said that we are living in times of austerity. Perhaps you could research what this means and tell the BNC what you think about this, and whether or not it is fair!