Financial Recession - Research Paper Example

Percentage of affected people was more in Kingston than London. People working in the administrative and secretarial occupations have also been adversely affected in terms of losing their jobs or working fewer hours due to retrenchments in the financial sector. But, the recession benefits the home owners with mortgages. The pattern of economic slowdown was not uniformly spread across the nation, and it varies from region to region. Construction and manufacturing industry hit hardly while high skilled industries look set to remain relatively unscathed.

The recession affected those in work, with fewer hours and pay cuts leading to lower pay and potentially to increased poverty. The United Kingdom economy grew by 0.1 percent in quarter four of 2009, the seventh quarter following the onset of recession. But, the Gross Domestic Product (GDP) was 5.9 percentage points below its pre-recession level. On the other hand, by the end of 2008 and early 2009, the savings ratio had picked up a little compare to 2007 and early 2008. But, the recession hits badly on earnings of savings of households due to drop in interest rate.

Statistics shows that the Kingston upon Thames has generally healthy economy. There is a healthy enterprise culture. . The United Kingdom economy grew by 0.1 percent in quarter four of 2009, the seventh quarter following the onset of recession. But, the Gross Domestic Product (GDP) was 5.9 percentage points below its pre-recession level. On the other hand, by the end of 2008 and early 2009, the savings ratio had picked up a little compare to 2007 and early 2008. But, the recession hits badly on earnings of savings of households due to drop in interest rate.

Statistics shows that the Kingston upon Thames has generally healthy economy. There is a healthy enterprise culture. Qualifications and skills levels are high than both London and national standards. Youth unemployment is quite low by London standards. It has good levels of health when compared to the London and British benchmarks, and has a low crime rate relative to London. The relatively affordable housing for the capital may be behind the high level of home ownership in Kingston, relative to the London averages.

As on census day of April 2001, London's population was 71, 72,000, and on 25th Feb 2010 it was approximately 77, 00,000. According to the 2001 census population of Kingston upon Thames was 1, 47,273. As data shows (table 1), total people affected by the financial recession in Kingston was 41,177. In London 16, 85,734 people were affected.Financial recession affects more on household types who are primarily reliant on savings for their income. This is mainly because of the interest rates have dropped.

Nearly 4,078 (9.90%) people have been suffered in Kingston upon Thames where as in London number of people affected were 1, 61,931 (9.61%). People working in the administrative and secretarial occupations' (KS12A) have been adversely affected due to retrenchments in the financial sector. Some of them