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The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. [ 1 ] [ 2 ] [ 3 ] It is widely considered to have been the most severe recession since World War II until the 2007–2008 financial crisis .
This is a list of recessions (and depressions) that have affected the economy of the United Kingdom and its predecessor states. In the United Kingdom a recession is generally defined as two successive quarters of negative economic growth, as measured by the seasonally adjusted quarter-on-quarter figures for real GDP. Name Dates Duration Real GDP reduction Causes Other data Great Slump c. 1430 ...
The UK economy slides into recession. 6 June – Two Malaysian men are jailed for 14 years after being found guilty of running a drug smuggling ring in London which generated millions of pounds. 12 June – Gail Kinchen (a pregnant 16-year-old) and her unborn baby are accidentally shot dead by a police marksman who enters the Birmingham flat ...
The inflationary pressures of the Lawson Boom were one of the reasons given for the UK's entry into the European Exchange Rate Mechanism in October 1990, a move that was supposed to help restrain inflation (which had been approaching 10%) in the UK by "importing" the anti-inflationary credibility of the Bundesbank.
The rise in unemployment coincided with the early 1980s global recession, after which UK GDP did not reach its pre-recession rate until 1983. In spite of this, Thatcher was re-elected in June 1983 with a landslide majority.
Buckle up for more ‘turbulence’ in the housing market, BofA says—it’s a housing recession, 1980s-style. Will Daniel. October 6, 2023 at 4:05 PM. Joe Raedle—Getty Images.
Lasting through the 1970s and early-1980s, this was the end of a boom that started in 1969, compounded by the 1970s energy crisis coupled with early 1980s Latin American debt crisis. [7] [8] [9] 1973–1974 stock market crash: Jan 1973 UK: Lasting 23 months, dramatic rise in oil prices, the miners' strike and the downfall of the Heath government.
The UK faces a collapse in living standards, higher bills, tax hikes and increased unemployment as the economy slumps into recession. Chancellor Jeremy Hunt told MPs he was having to make ...