<Tr> <Td> </Td> <Td> This article possibly contains original research . Please improve it by verifying the claims made and adding inline citations . Statements consisting only of original research should be removed . (April 2014) (Learn how and when to remove this template message) </Td> </Tr> <P> This is a list of (recent) recessions (and depressions) that have affected the economy of the United Kingdom . In the United Kingdom and all other EU member states, a recession is generally defined as two successive quarters of negative economic growth, as measured by the seasonally adjusted quarter - on - quarter figures for real GDP . </P> <Table> <Tr> <Th> Name </Th> <Th> Dates </Th> <Th> Duration </Th> <Th> Real GDP reduction </Th> <Th> Causes </Th> <Th> Other data </Th> </Tr> <Tr> <Td> Post-Napoleonic depression </Td> <Td> 1812--21 </Td> <Td> ~ 9 years </Td> <Td> </Td> <Td> Post-war readjustment </Td> <Td> </Td> </Tr> <Tr> <Td> 1857 - 8 recession </Td> <Td> 1857 - 8 </Td> <Td> ~ 1 year </Td> <Td> ~ 1% </Td> <Td> Panic of 1857 (originating in America) as the first global economic crisis, confidence eroded by Palmerston government relaxing the provisions of the Peel Banking Act of 1844 </Td> <Td> Comparatively brief contraction of approximately 3.5% nominal GDP? </Td> </Tr> <Tr> <Td> 1867 - 9 recession </Td> <Td> 1867--9 </Td> <Td> ~ 2 years </Td> <Td> ~ 1% </Td> <Td> Impact on exports resulting from American recession post-civil war </Td> <Td> 1.9% fall in GDP </Td> </Tr> <Tr> <Td> Long Depression </Td> <Td> 1873 - 96 </Td> <Td> ~ 20 years </Td> <Td> Deflation but no reduction in real GDP </Td> <Td> Panic of 1873 </Td> <Td> Worldwide, but Britain hit worst and longest . Previously known as the "Great Depression". Agricultural deflation hit farmers and their workers, although industrial output continued to grow . </Td> </Tr> <Tr> <Td> 1919 - 26 depression </Td> <Td> 1919 - 21 </Td> <Td> ~ 3 years </Td> <Td> 10.9% 1919 6.0% 1920 8.1% 1921 ~ 9.5% </Td> <Td> The end of World War I </Td> <Td> Deflation ~ 10% in 1921, and ~ 14% in 1922 . </Td> </Tr> <Tr> <Td> Great Depression </Td> <Td> 1930 - 1 </Td> <Td> ~ 2 years </Td> <Td> 0.7% 1930 5.1% 1931 </Td> <Td> US Depression . Reducing demand for UK exports, also high interest rate defending the gold standard . </Td> <Td> UK came off gold standard Sept 1931 . 3 - 5% deflation pa . UK much less affected than US . Took 16 quarters for GDP to recover to that at start of recession after a' double dip' . </Td> </Tr> <Tr> <Td> 1956 recession </Td> <Td> 1956 1956 Q2 1956 Q3 </Td> <Td> 0.5 years (2 Qtrs) </Td> <Td> 1956 Q2: - 0.2% 1956 Q3: - 0.1% </Td> <Td> Uncompetitive motor industry, inflationary pressures, credit squeeze caused by high bank rate . </Td> <Td> Average inflation in 1956 totalled 4.9% . Interest rate held at 5.5%, an increase of 1.0% on the previous year . </Td> </Tr> <Tr> <Td> 1961 recession </Td> <Td> 1961 1961 Q3 1961 Q4 </Td> <Td> 0.5 years (2 Qtrs) </Td> <Td> 1961 Q3: - 0.5% 1961 Q4: - 0.2% </Td> <Td> Time lag from the' Rolling Adjustment' recession in America and high bank rate . </Td> <Td> Interest rates were hiked from 5.0% to 7.0% in July 1961, reducing to 6.5% in October 1961 and then to 6.0% from November 1961 onwards . </Td> </Tr> <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> <Tr> <Td> Great Recession </Td> <Td> 2008 - 92008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 </Td> <Td> 1.25 years (5 Qtrs) </Td> <Td> 2008 Q2: - 0.2% 2008 Q3: - 1.7% 2008 Q4: - 2.2% 2009 Q1: - 1.8% 2009 Q2: - 0.3% </Td> <Td> Late 2000s financial crisis, rising global commodity prices, subprime mortgage crisis infiltrating the British banking sector, significant credit crunch . </Td> <Td> The recession lasted for five quarters and was the deepest UK recession since the war . 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 . The unemployment rate rose to 8.3% (2.68 m 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). Effects of this recession have been lasting into the early - mid 2010s . </Td> </Tr> </Table> <Tr> <Th> Name </Th> <Th> Dates </Th> <Th> Duration </Th> <Th> Real GDP reduction </Th> <Th> Causes </Th> <Th> Other data </Th> </Tr>

When did deflation last occur in the uk