It became much more difficult to cover fixed costs or acquire inventory using a volume discount, so the result was a decrease in profitability.

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Because of failures of major financial institutions due to excessive risk taking, lenders became much more cautious, making it difficult for entrepreneurs to invest in new enterprises that would create jobs to replace those that were lost.

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Ms McLennon also said once a person became homeless they had to face stigma and found it much more difficult to get a job.

BBC: Equal Opportunities Committee