Rising fuel, energy and food prices: This is how Preston coped during the 2008 credit crunch

It is going to be a tough year for Preston families.

By Iain Lynn
Friday, 25th March 2022, 3:45 pm

The Office for Budget Responsibility said inflation was set to peak at 8.7% at the end of this year and this - combined with rising taxes - will "weigh heavily on living standards in the coming 12 months".

But here in Preston we’re no strangers to these pressures.

In 2008 rising energy prices on global markets lead to an increase in the rate of global inflation which squeezed borrowers, many of whom struggled to repay mortgages.

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We talked to these people in Preston about the credit crunch in 2008

Property prices started to fall, leading to a collapse in the values of the assets held by many financial institutions.

The Lancashire Post took to the streets to find out how people were coping, and you can see the results in our archive video above.

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