<P> This extended period of growth ended in Q2 of 2008 when the United Kingdom suddenly entered a recession--its first for nearly two decades--brought about by the global financial crisis . The UK was particularly vulnerable to the crisis because its financial sector was the most highly leveraged of any major economy . Beginning with the collapse of Northern Rock, which was taken into public ownership in February 2008, other banks had to be partly nationalised . The Royal Bank of Scotland Group, at its peak the fifth - largest bank in the world by market capitalisation, was effectively nationalised in October 2008 . By mid-2009, HM Treasury had a 70.33% controlling shareholding in RBS, and a 43% shareholding, through UK Financial Investments Limited, in Lloyds Banking Group . The Great Recession, as it came to be known, saw unemployment rise from just over 1.6 million in January 2008 to nearly 2.5 million by October 2009 . </P> <P> The UK had been one of the strongest economies in terms of inflation, interest rates and unemployment, all of which remained lower until the 2008--09 recession . In August 2008 the IMF warned that the country's outlook had worsened due to a twin shock: financial turmoil and rising commodity prices . Both developments harmed the UK more than most developed countries, as it obtained revenue from exporting financial services while running deficits in goods and commodities, including food . In 2007, the UK had the world's third largest current account deficit, due mainly to a large deficit in manufactured goods . In May 2008, the IMF advised the UK government to broaden the scope of fiscal policy to promote external balance . The UK's output per hour worked was on a par with the average for the "old" EU - 15 countries . </P> <P> In March 2009, the Bank of England cut interest rates to a historic low of 0.5% and began quantitative easing to boost lending and shore up the economy . The UK exited the Great Recession in Q4 of 2009 having experienced six consecutive quarters of negative growth, shrinking by 6.03% from peak to trough, making it the longest recession since records began and the deepest recession since World War II . Support for Labour slumped during the recession, and the general election of 2010 resulted in a coalition government being formed by the Conservatives and the Liberal Democrats, which made deep spending cuts in order to ease the budget deficit . </P> <P> In 2011, household, financial, and business debts stood at 420% of GDP in the UK, compared to 279% in Japan, 253% in France, 209% in the United States, 206% in Canada, and 198% in Germany . As the world's most indebted country, spending and investment in the UK were held back after the recession, creating economic malaise . However, it was recognised that government borrowing, which rose from 52% to 76% of GDP, helped to avoid a 1930s - style depression . Within three years of the general election, government cuts had led to public sector job losses well into six figures, but the private sector enjoyed strong jobs growth . </P>

What is the gdp of the uk in pounds