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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 ...
Japan's economy contracted at an annualized pace of 0.4% in the last three months of 2023, causing it to lose its position as the world’s third-largest economy to Germany.
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.
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 ...
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.
On 23 September 2022, the Chancellor of the Exchequer, Kwasi Kwarteng, delivered a Ministerial Statement entitled "The Growth Plan" to the House of Commons. [1] [2] Widely referred to in the media as a mini-budget (it not being an official budget statement), it contained a set of economic policies and tax cuts such as bringing forward the planned 1% cut in the basic rate of income tax to 19% ...
There were concerns about unemployment, which, by the end of June was nearing 3 million, and threatening to exceed the previous highest unemployment figures last seen in 1986, and fears of a deep recession. In July 2020 Sunak delivered a summer statement aimed at helping to reduce the potential impact of a recession.
The UK economy is on track to shrink by 1.3% in 2023 amid a recession which is set to last until the end of next year, according to a new economic forecast.