2008 recession timeline uk


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18 fév 2008 · The most intense phase of the credit crisis was in September 2008 when the major US investment bank Lehman Brothers filed for bankruptcy

  • When was the biggest recession in the UK?

    The biggest recent recession to hit the UK was the crash of 2008.
    It was caused by rising energy prices and the collapse of the housing market.
    This recession lasted for five quarters and was the longest one on record since the Second World War.

  • This had to do with several factors unique to the UK.
    The UK had no big manufacturing base, and the economy depended on financial services, real estate, and retail sales for growth.
    This growth lacked substance as it relied heavily on a risky credit borrowing and lending bubble that finally burst in 2008.

Following six consecutive quarters of negative growth, the UK economy finally moved out of recession in the last quarter of 2009. The economy had moved into technical recession in the third quarter of 2008 as GDP fell for a second successive quarter.
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