UK recession was the deepest since 1921
It has been revealed that the UK recession, which many believe ended in the final quarter of 2009, was the deepest and the hardest hitting since 1921. While it would be unfair to suggest that no other economies around the world have suffered to the same degree as the UK economy, there is no doubt that the UK is one of the slowest economies to recover.
This has been a wake-up call to many who rode the wave of the boom and bust cycle which has been prominent in the UK economy for decades. While there is hope that some lessons have been learnt, with many investors and homeowners decimated, it is highly likely that the UK will return to the traditional boom and bust scenario in due course. Investors and homeowners have very short memories and in just a matter of years this will be something held deep in the memory bank.
However, there is no doubt that UK finances on the whole have been severely affected by the economic downturn and the UK government will need to make some harsh and tough decisions to replenish the coffers. Ultimately it will be UK taxpayers and UK businesses which will pay the price and this will be a heavy price!
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