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Now that people have stopped calling the recession a “credit crunch” we can get on with the business of treating this thing seriously. But what is the actual result of the complex financial systems breaking down? What is the net result for the man on the street? Well we’re going to start listing it here so that it’s no longer about banking credit, new mortgage figures and bailout plans – here are the ways in which the credit crunch could affect you:

• It is now harder to get a mortgage – the British Bankers’ Association said new mortgages in November were down 61% on the same time in 2007
• Houses are not selling as well
• House prices are falling – good for first time buyers and investors with cash
• The pound doesn’t buy as many Euros but this is good for British exports
• Interest rates have been cut by the Bank of England to historically low levels (meaning that some people have much cheaper mortgage repayments but savings and investments aren’t earning as much as they used to).
• Zavvi is in administration
• Whittards of Chelsea is in administration but has found a buyer
• Officers Club  is in administration but has found a buyer
• USC is in administration, 43 stores have been sold and 300 staff may lose their jobs
• Woolworths has been shut down – all stores closed in January. The process of selling off its assets has begun.
• MFI is in administration
• Chanel are laying off 200 staff in Paris
• Louis Vuitton have cancelled plans for a megastore in Tokyo
• Waterford Wedgewood (including Royal Daulton) has been placed into administration after being unable to meet loan repayments.
• 4,000 jobs cut at Motorola
• 100 jobs cut at Google
• 480 jobs to go at South-West Trains
• Christie’s auction house is cutting 20-25% of its 800 London-based staff. 80 employees have already gone from the New York office.
• Sotheby’s is due to cut £4.6 million by reducing staffing levels and other costs.
• Punch Taverns are sacking 100 head office staff
• Scottish and Newcastle are letting 140 staff go
• Corus steel are cutting 2,500 jobs equating to around £600 million
• Barratts and PriceLess shoes have called in administrators, putting 5,000 jobs at risk. Parent company Stylo is not affected.
• Dolcis, Faith shoes and Stead & Simpson are in administration.
• On 20th January, Empire Direct went into administration with KPMG with the potential loss of 350 jobs. After losing their credit insurance, the Leeds-based electricals retailer was unable to secure suppliers. It had also suffered from poor Christmas sales and competition from Kesa Electricals and DSG International, the owners of Comet and Currys. With turnover of £152m, the company had bank overdrafts of £10.9m at its year end in March last year.

There is some hope – Leeds Building Society fund all of their mortgages from members’ savings and so haven’t been affected by lack of credit from other financial institutions – as many British banks have been. They’ve got a mortgage sale on and aren’t afraid to give out guarantor mortgages.

Let us know of any other facts and figures you have come across by commenting in the box below (you don’t have to leave your e-mail address).