<Tr> <Td> Mid-1970s recessions </Td> <Td> 1973 - 41973 Q3 1973 Q4 1974 Q1 </Td> <Td> 0.75 years (3 Qtrs) </Td> <Td> 1973 Q3: - 1.0% 1973 Q4: - 0.4% 1974 Q1: - 2.7% </Td> <Td> 1973 oil crisis, stagflation, the decline of traditional British industries, inefficient production, high inflation caused industrial disputes over pay . </Td> <Td> The economy surpassed its pre-recession peak by 1976 Q4, fourteen quarters after its beginning . There were two single - quarterly setbacks during the recovery (aside from the double - dip) in 1974 Q4 and 1976 Q2 . Average inflation was 9.2% in 1973, 16.0% in 1974, 24.2% in 1975 and 16.5% in 1976 . Interest rates fluctuated wildly during the recession with a low of 9.0% in March 1976 and a high of 15.0% in October 1976 . </Td> </Tr> <Tr> <Td> 1975 1975 Q2 1975 Q3 </Td> <Td> 0.5 years (2 Qtrs) </Td> <Td> 1975 Q2: - 1.7% 1975 Q3: - 0.3% </Td> </Tr> <Tr> <Td> Early 1980s recession </Td> <Td> 1980 - 11980 Q1 1980 Q2 1980 Q3 1980 Q4 1981 Q1 </Td> <Td> 1.25 years (5 Qtr) </Td> <Td> 1980 Q1: - 1.7% 1980 Q2: - 2.0% 1980 Q3: - 0.2% 1980 Q4: - 1.0% 1981 Q1: - 0.3% </Td> <Td> Deflationary government policies including spending cuts, pursuance of monetarism to reduce inflation, switch from a manufacturing economy to a services economy . </Td> <Td> Company earnings decline 35% . Unemployment rises from 5.3% of the working population in August 1979 to 11.9% in 1984 Took thirteen quarters for GDP to recover to its pre-recession peak at the end of 1979 . Annual inflation was 18.0% in 1980, 11.9% in 1981, 8.6% in 1982 and 4.6% in 1983 . 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 . </Td> </Tr> <Tr> <Td> Early 1990s recession </Td> <Td> 1990 - 11990 Q3 1990 Q4 1991 Q1 1991 Q2 1991 Q3 </Td> <Td> 1.25 years (5 Qtrs) </Td> <Td> 1990 Q3: - 1.1% 1990 Q4: - 0.4% 1991 Q1: - 0.3% 1991 Q2: - 0.2% 1991 Q3: - 0.3% </Td> <Td> 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 . </Td> <Td> Company earnings decline 25% . Peak budget deficit ~ 8% of GDP . Unemployment rises from 6.9% of the working population in 1990 to 10.7% in 1993 Took eleven quarters for GDP to recover to its pre-recession peak in the Spring of 1990 . Annual inflation was 9.5% in 1990, 5.9% in 1991, 3.7% in 1992 . and 1.6% in 1993 . 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, though interest rates were hiked twice during Black Wednesday . </Td> </Tr>

When did the recession start in the uk 2008