Post by Totheleft on Nov 11, 2024 0:35:25 GMT
busting the myth that labour had more recession than the torys i chosen from the 1980s because that was seen has the tory boom years
1980 Q1
1980 Q2
1980 Q3
1980 Q4
1981 Q1
1.25 years
(5 Qtr)[14]
1980 Q1: −1.7%
1980 Q2: −2.0%
1980 Q3: −0.2%
1980 Q4: −1.0%
1981 Q1: −0.3%
Deflationary government policies including spending cuts, pursuance of monetarism to reduce inflation, switch from a manufacturing economy to a services economy. Company earnings decline 35%. Unemployment rises from 5.3% of the working population in August 1979 to 11.9% in 1984.[18] Took thirteen quarters for GDP to recover to its pre-recession peak at the end of 1979.[12] Annual inflation was 18.0% in 1980, 11.9% in 1981, 8.6% in 1982 and 4.6% in 1983.[citation needed] Interest rates generally declined during the recession from a peak of 17.0% at the beginning of 1980 to a low of 9.6% in October 1982.[citation needed]
Early 1990s recession
1990 Q3
1990 Q4
1991 Q1
1991 Q2
1991 Q3
1.25 years
(5 Qtrs)[14]
1990 Q3: −1.1%
1990 Q4: −0.4%
1991 Q1: −0.3%
1991 Q2: −0.2%
1991 Q3: −0.3%
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. Company earnings decline 25%. Peak budget deficit c. 8% of GDP. Unemployment rises from 6.9% of the working population in 1990 to 10.7% in 1993.[18] Took eleven quarters for GDP to recover to its pre-recession peak in the Spring of 1990.[12] Annual inflation was 9.5% in 1990, 5.9% in 1991, 3.7% in 1992. and 1.6% in 1993.[citation needed] Interest rates were stubbornly high initially but declined from a high of 14.8% at the start of the recession to a low of 5.9% by the end of the recession,[citation needed] though interest rates were hiked twice during Black Wednesday.
Great Recession
2008 Q2
2008 Q3
2008 Q4
2009 Q1
2009 Q2
1.25 years
(5 Qtrs)
2008 Q2: −0.2%
2008 Q3: −1.7%
2008 Q4: −2.2%
2009 Q1: −1.8%
2009 Q2: −0.3%
2007–2008 financial crisis, rising global commodity prices, subprime mortgage crisis infiltrating the British banking sector, significant credit crunch. The recession lasted for five quarters and was the deepest UK recession since the Second World War.[14] Manufacturing output declined 7% by end 2008. It affected many sectors including banks and investment firms, with many well known and established businesses having to fold.[19] The unemployment rate rose to 8.3% (2.68m people) in August 2011, the highest level since 1994. There was much speculation of a 'double dip' recession during the 2010s, but this proved not to be the case. However, the 2010s saw four separate periods of quarter-on-quarter fall in growth: 2010 Q4 (−0.4); 2011 Q4 (−0.1); 2012 Q2 (−0.5); and 2012 Q4 (−0.2).[20]
COVID-19 recession
2020 Q1
2020 Q2
0.5 years
(2 Qtrs)
2020 Q1: −2.6%
2020 Q2: −18.8%
COVID-19 pandemic Majority of the decrease in GDP occurred in March and April 2020 and was followed by a sharp increase in June and July although GDP did not return to pre-pandemic levels until late 2021. The drop, while brief, was the deepest recession since 1709.[21] The event triggered an inflationary shock and a wider cost of living crisis.[22]
2023 recession
2023 Q3
2023 Q4
0.5 years
(2 Qtrs)
2023 Q3: -0.1%
2023 Q4: -0.3%
A rise in economically inactive people in the wake of the COVID-19 pandemic, attributed to long term sickness levels, and a decline in school attendance which may also be driven by sickness rates.[23] GDP per capita began to fall in Q2 2022, the longest run of falls or stagnation by that metric since 1955. By February 2024 GDP per capita had shrunk by 4.2% compared to its pre- cost of living crisis peak.[24] The growth in population from record-high immigration had offset this decline in the overall GDP statistics in 2022 and early 2023.[22][25]
now for the urban myth labour has always left government with higher unemployment debunked by full fact.
This is true of most Labour governments, including the two most recent examples which both saw unemployment increase, according to current data. But historic unemployment data, while not directly comparable with current data, suggests there’s at least one exception, with unemployment falling during the Labour minority government of 1924.
