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In the first three months of this year eight and a half percent more firms went bust and a third more financial businesses closed down. The financial industry and banking sector will be seeing more and more people being laid off due to the economic situation. this in turn obviously means unemployment figures will rise. People are spending less in the high street, which will also affect retail sales and manufacturing figures which will then knock on to loss of jobs in these areas as well. High unemployment will see an increase in people having difficulty repaying their mortgages. If people then look to sell they will have to accept much lower prices or face being repossesed.