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Impact of the Global Financial Crisis in the UK - Literature review Example

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The paper “Impact of the Global Financial Crisis in the UK” clears that the UK has experienced a crisis like an exporter due to falling demand for its products. The fall in the value of sterling increased competition. However, the effect was milder because a wage-spiral policy was not conducted. …
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Impact of the Global Financial Crisis in the UK
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Download file to see previous pages The global financial crisis had extreme implications in almost every industry in every country in the world. The only countries that managed to get through the financial crisis without being directly affected were those that did not have extensive interests vested in the economic infrastructure of the US.
In October 2009, it was reported that "the UK economy unexpectedly contracted by 0.4% between July and September, according to official figures, meaning the country [was] still in financial crisis. It [was] the first time UK gross domestic product [had] contracted for six consecutive quarters since quarterly figures were first recorded in 1955" (BBC News 2009). The UK has gone through considerably tough economic times in the past, but the most recent global financial crisis has had the most significant impacts on the UK’s economy and its social infrastructure.
When financial institutions collapsed, a chain reaction took place which led to massive disorientation of the fundamental functioning of society.
“The U.K. economy shrank 6% from April 2008 through September 2009, the deepest slump since the government began maintaining records in 1955. Before the financial crisis, the U.K. had 63 consecutive quarters of growth stretching back to late 1992, according to the Organization for Economic Cooperation and Development” (Shah 2010).
As a result of the global financial crisis, the UK commercial banking industry experienced a deceleration in its growth (Data Monitor 2009). While the UK commercial banking industry was able to continue experiencing an increase in its value, the growth rate did not experience an equally favorable trend as a result of the global financial crisis. ...Download file to see next pagesRead More
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