Introduction As per David .l. Scott (2003), credit crunch is a defined as “period during which borrowed funds are difficult to obtain and, even if funds can be found, interest rates are very high”. The UK became recession affected in June 2008, creating period of limited growth. Many studies have looked at the impact of current economic downturn; studies note that in comparison to previous economic recessions: 2008 recession had certain peculiarities. Although the economy is in recovery, the effect…
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