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!
Share this..
Related stories
UK economy falls flat
The Organisation for Economic Co-operation and Development (OECD) has today poured cold water on the idea that the UK economy is on the verge of recovery. The OECD believes that the UK economy will fall by 4.7% this year which is a significant increase on its earlier forecast of 4.3%. However, when you consider that the UK government is forecasting a fall of just 3.5% in 2009, the UK economy could...
Read MoreIs British Airways winning the battle against the Unite Union?
There is speculation in the financial press that the Unite union, the union which represents the vast majority of British Airways employees, is being ripped apart by internal wrangling. A number of UK newspapers have picked up on the fact that a group of activists involved in the negotiations with British Airways may well have "gone over the top" with their recent threat of a 12 day program of str...
Read MoreTories now getting tough on the economy
After months of mocking from the Labour Party about "secret" Tory policies regarding the UK economy, Shadow Chancellor George Osborne has today stepped forward with a raft of promises from a potential incoming Conservative party government. He has set out eight transparent benchmarks which he believes will allow the UK electorate, investors and businesses to monitor the progress he hopes to make i...
Read MoreFourth-quarter economic data disappoints market
While strictly speaking the UK economy has now moved out of recession, unless the figures released by the Office for National Statistics are amended down over the next few weeks, the improvement of 0.1% was far short of the 0.4% expansion expected by analysts. This indicates that the UK economic upturn is far weaker than even the most pessimistic of analysts had expected and a small revision by th...
Read MoreIs an ageing population the major threat to the UK economy?
Over the last few days the headlines regarding the UK economy have been fairly negative with an expected impact from the problems within the euro zone. However, more and more analysts and economic advisers are suggesting that the ever ageing UK population is the one major threat to the prosperity of the country in the medium to longer term. So how can this be? The problem with an ageing populat...
Read More