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Credit crunch means more homeless—and fewer Xmas presents

PUBLISHED: 20:01 14 November 2008 | UPDATED: 13:46 05 October 2010

THE credit crunch is creating a timebomb’ which could make thousands of people homeless if they lose their jobs. Most people are already cutting back on Christmas presents, a survey has found

THE credit crunch is creating a timebomb’ which could make thousands of people homeless if they lose their jobs.

Most people are already cutting back on Christmas presents, a survey has found.

New research reveals one-in-three people in Britain could be out on the streets within three months if they’re made redundant.

The findings come at a time when as many as 20,000 are reported to have lost their jobs in the past week alone across the country in the wake of the credit crunch.

A survey for the Crisis single homeless person’s charity reveals just how vulnerable people are as a result of the economic downturn.

The research carried out for the organisation’s HQ at Whitechapel in London’s East End has raised fears that rocketing homelessness could be just around the corner if unemployment continues to rise.

“Job losses are creating a time bomb,” said the charity’s chief Leslie Morphy.

“The Government must act to help people struggling to pay their mortgage to avoid repossession and move quickly to protect private tenants.

“It must accelerate building more social housing and widen the safety net’ of support.”

A quarter of those taking part in the YouGov survey were worried about the prospect of losing their home because of the economic downturn—while 60 per cent plan to cut back on Christmas presents this year because of the credit crunch.

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