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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 ...
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]
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]
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 ...
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.
The first austerity period took place during the premierships of David Cameron (R) and Theresa May (L) . A UK government budget surplus in 2001-2 was followed by many years of budget deficit, [16] and following the 2007–2008 financial crisis, a period of economic recession began in the country.
In September 2022 the rate of inflation was 10.1%, the same as the previous month. – What inflation rate is used for the state pension? September’s inflation figures are traditionally used to ...