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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 ...
Financial History Review 4#1 (1997): 69–90. online; Matthijs, Matthias M. Ideas and economic crises in Britain from Attlee to Blair (1945-2005) (Routledge, 2012). Oliver, Michael J. "The macroeconomic policies of Mr Lawson," Contemporary British History, 13:1, 166–182, DOI: 10.1080/13619469908581520 emphasizes his mistakes and failures
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.
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[5] [6] In the United Kingdom and Canada, a recession is defined as negative economic growth for two consecutive quarters. [11] Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply and decreasing interest rates or increasing government spending and decreasing taxation.
Panic of 1837, a U.S. recession with bank failures, followed by a 5-year depression; Panic of 1847, started as a collapse of British financial markets associated with the end of the 1840s railway industry boom; Panic of 1857, a U.S. recession with bank failures; Indian economic crash of 1865
Panic of 1819, a U.S. recession with bank failures; culmination of U.S.'s first boom-to-bust economic cycle; Panic of 1825, a pervasive British recession in which many banks failed, nearly including the Bank of England; Panic of 1837, a U.S. recession with bank failures, followed by a 5-year depression; Panic of 1847, United Kingdom
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 ]