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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 ...
The Great Depression of 1929–32 broke out at a time when the United Kingdom was still far from having recovered from the effects of the First World War. Economist Lee Ohanian showed that economic output fell by 25% between 1918 and 1921 and did not recover until the end of the Great Depression, [3] arguing that the United Kingdom suffered a twenty-year great depression beginning in 1918.
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.
The UK faces a collapse in living standards, higher bills, tax hikes and increased unemployment as the economy slumps into recession. Chancellor Jeremy Hunt told MPs he was having to make ...
The UK economy is in a “horrible fiscal bind” as it heads for recession with no room to cut taxes or increase public spending to offer a boost, an influential group of economists has said ...
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.
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 come out of a short and shallow recession, giving Prime Minister Rishi Sunak a sorely needed boost ahead of an election expected later this year. UK exits recession in ...