Causes: Deflationary government policies including spending cuts, pursuance of monetarism to reduce inflation, switch from a manufacturing economy to a services economy.
Period in Recession
1980 Q1: -1.7%
1980 Q2: -2.0%
1980 Q3: -0.2%
1980 Q4: -1.0%
1981 Q1: -0.3%
Total of 5 quarters in recession.
No, I don’t blame the EU for the 5 quarters the UK was in recession in the early 1980s. What this shows is the narrative that EU membership is all sunlit uplands is for the Unicorns. See FULL news story link below for more details.
Read Full News Story » Five Years of UK Recessions Since Joining the EEC/EU in 1973