Blanchflower had outlined his reasoning in the spring of 2008, when he said the UK was following the US through four stages of descent into recession. "First the housing market weakens, then consumer confidence collapses, then the labour market falls, then output drops. In the UK by the spring of 2008 we had gone through three of the four steps. Mervyn was sure the UK had de-coupled from the US and was more worried by the risk of exploding wage pressure. The high quality US economists I was speaking to were telling me that the world was coming to and end. … [Read more...] about Lehman Brothers collapse: five years on, we’re still feeling the shockwaves
2008 economic downturn
Monthly figures for the economy indicate that growth returned in May as lockdown controls were gradually lifted and pent-up demand fuelled a boom in consumer spending. Economists will be looking for further evidence of the recovery taking hold in June; the latest growth figures are published on Wednesday. … [Read more...] about UK to plunge into deepest slump on record with worst GDP drop of G7
Global financial crisis 2008-2009 The collapse that followed the 2008 banking crisis was the worst since the second world war. Banks around the world stopped lending to one another amid market panic over losses on speculative investments and the crisis led to huge government bailouts to prevent banks collapsing. Starved of access to finance, businesses failed and job losses soared. The recession that began between the run on Northern Rock in the UK in September 2007 and the collapse of Lehman Brothers in the US a year later has had a lingering aftermath , with a decade of anaemic recovery made worse by austerity. … [Read more...] about How does UK’s Covid recession compare with previous ones?
Jawara came to San Isidroto to join his brother and had just three months of reunion with him before his brother died from kidney problems. Without papers, they had been too frightened to go to the doctor and they couldn't afford medicines. His father died too while he has been away. Like many of those we interviewed Jawerea spoke of his shame at the conditions, the racism he encountered everywhere and how little they are now paid. He did not want to be filmed in case his family back home saw how he lived. … [Read more...] about Spain’s salad growers are modern-day slaves, say charities