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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 ...
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This graph depicts annual U.K. GDP growth from 1948 to 2012. UK annual balance of trade in goods since 1870 (£m) Trade in goods and services balance (U.K.) UK Trade with China (1999–2009) Although Britain achieved ultimate victory in the war, the economic costs were enormous.
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.
Bank of England Gov. Andrew Bailey said Tuesday that the U.K.’s economic recession that was confirmed last week is modest by historical standards and is probably over. In testimony to lawmakers ...
The Bank’s Monetary Policy Committee (MPC) decided to raise rates to 2.25% – their highest since December 2008 – from 1.75%, in an effort to grapple big increases in the cost of living.
The Import Duties Act 1932 passed in the United Kingdom imposes an initial tariff of 10% on most imports, but this rate is quickly raised to a range of rates from 15% to 33% shortly after the Act is passed. June 6 – The Revenue Act of 1932 is signed into law, raising taxes on personal income, corporate income, and sales taxes on various goods.
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.