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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 ...
In the first half of 2020, GDP shrank by 22.6%, [119] the deepest recession in UK history and worse than any other G7 or European country. [120] During 2020 the BoE purchased £450 billion of government bonds , taking the amount of quantitative easing since the start of the Great Recession to £895 billion. [ 121 ]
However, the statistical evidence counters any perception of economic stagnation in the latter 19th century: the employed labour force grew, unemployment in the years 1874–1890 only averaged 4.9%, and productivity continued to rise after the 1870s recession, albeit at a lower annual rate of 1%, compared to 2% in the years preceding the Panic ...
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.
The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has been hobbled by high interest rates that have been raised to reduce inflation.
The UK economy is in a “horrible fiscal bind” as it heads for recession with no room to cut taxes or increase public spending to offer a boost, an influential group of economists has said ...
The Great Depression of 1929–32 broke out at a time when the United Kingdom was still far from having recovered from the effects of the First World War. Economist Lee Ohanian showed that economic output fell by 25% between 1918 and 1921 and did not recover until the end of the Great Depression, [3] arguing that the United Kingdom suffered a twenty-year great depression beginning in 1918.
With the economy at risk of contracting in the next quarter, it leaves the UK at close risk of two consecutive periods of negative growth – a scenario that meets the definition of a recession.