The Great Depression 1929-1933 The US was hit much harder than Britain after the Wall Street crash of 1929, in part because the UK had already suffered in the 1920s. The Great Depression delivered a monumental hit to living standards amid mass unemployment and prompted a sea-change in economic thinking, with President Franklin D Roosevelt’s New Deal spending package rebooting the US economy. Britain became the first country to come off the Gold Standard, allowing the pound and interest rates to fall, helping to boost industry and housebuilding. … [Read more...] about How does UK’s Covid recession compare with previous ones?
What does gdp mean in economics
The reopening of pubs, campsites and hairdressers fuelled a rebound in activity, while car sales exceeded pre-crisis levels for the first time. After widespread stoppages during lockdown, manufacturing activity recovered and housebuilding activity rose, although the ONS said production and construction levels still remained well below previous levels. … [Read more...] about UK’s economic recovery from Covid-19 crisis continues
Confirmation of the Covid-19 recession this week will come as the government tries to strike a balance between relaxing lockdown restrictions to kickstart growth, while needing to prevent a severe second wave in infections. After four month of harsh controls, growing numbers of companies are coming under severe financial stress, with job losses steadily beginning to mount. Some localised restrictions are also being launched as infections rise. … [Read more...] about UK to plunge into deepest slump on record with worst GDP drop of G7
The problems of the wool trader Wykys in Wolf Hall look suspiciously like a metaphor for the weaknesses of the UK economy in 2015. Presiding over a failing business, Wykys has got the wrong products, the wrong people working for him and is selling his goods in the wrong markets. “Latterly, Wykys had grown tired, let the business slide. He was still sending broadcloth to the north German market, when – in his opinion, with wool so long in the fleece these days, and good broadcloth hard to weave – he ought to be getting into kerseys, lighter cloth like that, exporting through Antwerp to Italy.” … [Read more...] about Wolf Hall – the economic lessons
• The deal, it says, will cut Greece’s debt-to-GDP ratio to 120.5% of GDP by 2020, in line with previous targets. This will be achieved by private creditors taking a deeper cut on their existing Greek bonds, of 53.5% of their face value. The European Central Bank will also contribute, by passing the profits from its Greek bondholdings onto the national central banks, who will then pass it onto Greece. … [Read more...] about Europe in turmoil: five years of economic crisis