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What happens if the UK Goes into Recession?


uk recession

Hi,
As we all know it has been on the news a lot and I was just wondering could someone please elaborate to me what it actually means and what could happen if the UK went into recession.

Is it like the depression in America or something where there was hyperinflation and the need for a new currency and so on?

I would appreciate it if someone could explain it to me

Thanks
Ben

Sell House Quick

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This entry was posted on Monday, March 26th, 2012 and is filed under recession. You can follow any responses to this entry through RSS 2.0. Both comments and pings are currently closed.

  1. #1 by Billy K at May 5th, 2009

    No more cheap holidays and lots of people on the dole.

  2. #2 by ? at May 7th, 2009

    it means the economy begins to retract - it gets smaller. People start to struggle for money so stop buying luxury goods like holidays and cars and stop buying major items like houses. Because less people are buying these things the people who make them can’t sell their goods so make people redundant. These people then rely on state welfare and can’t spend as much even on the basics, this then affects the middle and smaller shops who also start laying off staff, further restricting the amount of people buying things. As people stop spending unemployment starts to rise and the cycle gets worse

    A depression is when this lasts a number of years, we are not there yet but could get there

    We are actually in a period of ’stagflation’ - that is stagnation in that the economy is not growing, but is not quite recessing as above, but inflation (the price of goods) is starting to rise. The combination of these two things will almost certainly lead to a recession in the UK with many people losing their jobs and prices rising rapidly

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