Causes: 1973 oil crisis, stagflation, the decline of traditional British industries, inefficient production, high inflation caused industrial disputes over pay.
Period in Recession
1973 Q3: -1.0%
1973 Q4: -0.4%
1974 Q1: -2.7%
1975 Q2: -1.7%
1975 Q3: -0.3%
Total of 5 quarters in recession.
Note: there were two single quarters of negative growth, but a single quarter of negative growth is NOT a recession.
No, I don’t blame the EU for the 5 quarters the UK was in recession in the mid 1970s. 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