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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 ...
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.
Meanwhile, salaries have now grown faster than prices for seven consecutive months. Average wages excluding bonuses grew at an annual rate of 6.2% in the three months to December, according to the ...
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.
The oil and gas industry have made record profits in the UK following the outbreak of the war in Ukraine. Mr Hunt said he would increase the oil and gas windfall tax from 25% to 35% from the start ...
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Insufficient long-term gas storage facilities resulted in the UK energy prices being overexposed to the market fluctuations. [14] [15] Household income, whether from wages or benefits, have not generally kept pace with rising prices. [1] [2] [6] In April 2022, UK real wages fell by 4.5%, the sharpest fall since records began back in 2001. [16]
The United Kingdom has come out of a short and shallow recession, ... the Bank of England now expects UK GDP to grow 0.5% this year, double the pace it forecast in February. By comparison, last ...