Hanji Panji Essay

We currently analyze the UK economy as being in a harsh state of economic depression as the global state has hit a financial crisis. The United Kingdom had entered recession in 2008 with the collapse of Northern Rock. We can see from the UK’s previous recessions that the 2008 is the worst one yet, after a mild recession in the early 1990s, there followed the longest period of sustained economic growth Britain had seen for more than 150 years, achieving growth in every quarter between 1992 and 2007.
Over the last twenty years the UK economy has faced high and lows where there has been critical recessions- to changing in the total percentage of GDP. We look at the UK and the differentiation of various Prime ministers and their decisions that has taken affect on the UK.

We begin in 1990 when Margaret Thatcher resigns as prime minister after she fails to defeat a challenge to her leadership of the Conservative party. This is when John Major becomes prime minister. The GDP growth briefly reached 4% in the early 1990s, gently declining thereafter. When John Major became prime minister the economy had slid into recession in his first year. When John was in power he faced many problems from Black Wednesday 16 September 1992 when Britain spent billions of pounds to save the value of their currency. It was at this point where it seemed that Major would step down from his chair.

The UK's forced withdrawal from the Exchange rate Mechanism was succeeded by a partial economic recovery with a new policy of flexible exchange rates, allowing lower interest rates this had increased the demand for UK goods in the export markets

In 1997 John major had lost the elections to Tony Blair’s ‘New Labour’.
During his 10 years in office, Tony Blair left the key decisions on economic policy in the hands of Chancellor Gordon Brown. Economic growth was unspectacular, but steady - the longest uninterrupted period of growth in 200 years. A strong world economy,...