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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 ...
Prior to the 20th century, the leader of the British government held the title of First Lord of the Treasury, and not that of Prime Minister of the United Kingdom. Therefore, the list below refers to the "Head of Government" and not the "Prime Minister". Even so, the leader of a government was often colloquially referred to as the "prime ...
A UK government budget surplus in 2001-2 was followed by many years of budget deficit, [16] and following the 2008 financial crisis, a period of economic recession began in the country. The first austerity measures were introduced in late 2008. [ 17 ]
The United Kingdom has slipped into recession just months ahead of a general election, official figures showed Thursday, derailing Prime Minister Rishi Sunak’s pledge to generate economic growth.
Annual UK inflation came in at 3.2% last month, a sharp slowdown from a rate above 10% about a year ago. The central bank targets a rate of 2% and expects to more or less reach it in the next few ...
Bank of England Gov. Andrew Bailey said Tuesday that the U.K.’s economic recession that was confirmed last week is modest by historical standards and is probably over. In testimony to lawmakers ...
Thereafter the United Kingdom's relative economic performance improved substantially to the extent that, just before the Great Recession, British income per capita exceeded, albeit marginally, that of France and Germany; furthermore, there was a significant reduction in the gap in income per capita terms between the UK and USA. [7]
Britain’s economy slipped into a recession at the end of 2023 after output contracted by more than expected in the final three months, according to official figures.