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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 ...
Margaret Thatcher. Thatcher formed a government on 4 May 1979, with a mandate to reverse the UK's economic decline and to reduce the role of the state in the economy. . Thatcher was incensed by one contemporary view within the Civil Service that its job was to manage the UK's decline from the days of Empire, and wanted the country to punch above its weight in international
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]
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. ... It marks the first time ...
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. The first austerity measures were introduced in late 2008. [17]
After the economic boom of the 1980s a brief but severe recession occurred between 1990 and 1992 following the economic chaos of Black Wednesday under government of John Major, who had succeeded Margaret Thatcher in 1990. However the rest of the 1990s saw the beginning of a period of continuous economic growth that lasted over 16 years.