Perfect example of why small businesses are ‘pulling in their horns’. There is a serious problem with ‘loss of trust’ in this society. Right now the anger is directed toward the government. But quite a few are mad at the exact people that voted expecting ‘benefits and entitlements’. And they wonder where the jobs are!
Well yes. In financial terms, that means credit is tight, and can be expensive when you get it. Bankruptcy laws were grossly abused up until 2005 when rules were tightened, but the beat still goes on.
And there are voices in the culture saying it's OK to walk away from duly negotiated obligations, if they become inconvenient at a later date. All you have to do to justify it to yourself is to play the class-warfare card and blame your troubles on the eeevil banksters. Then, your welching is just payback, not personal irresponsibility.