Causes: US savings and loan crisis, high bank rate in response to rising inflation caused by the Lawson Boom and to maintain British membership of the Exchange Rate Mechanism.
Period in Recession
1990 Q3: -1.1%
1990 Q4: -0.4%
1991 Q1: -0.3%
1991 Q2: -0.2%
1991 Q3: -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 1990s. 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