Causes: Late 2000s financial crisis, rising global commodity prices, subprime mortgage crisis infiltrating the British banking sector, significant credit crunch.
Period in Recession
2008 Q2: -0.2%
2008 Q3: -1.7%
2008 Q4: -2.2%
2009 Q1: -1.8%
2009 Q2: -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 2008-2009. 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