Britain's 'Great Recession' started in the spring of 2008 and ended in the summer of 2009. This is based on the technical measure of recession' - two 'quarters' of the year, back-to-back where the size of the economy shrinks, as measured by GDP (Gross Domestic Product).
It was thought the British economy shrank a total of 6.3% but a change in official measurement in October 2011 suggested the decline was in fact 7.1%.
Read more: http://www.thisismoney.co.uk/money/news/article-1616085/Economy-watch-What-Britain.html#ixzz1dEyHfmko
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