UK economy officially entered recession

In the final quarter of 2008, the UK economy officially entered recession for the first time since 1991.[281] Following the likes of the United States,

France and many major economies, in 2013, the UK lost its top AAA credit rating for the first time since 1978 with Moodys and Fitch credit agency, but, unlike the other major economies, retained its triple A rating with Standard & Poor’s.[282][283] By the end of

2014, UK growth was the fastest in both the G7 and in Europe,[284][285] and by September 2015, the unemployment rate was down to a seven-year low of 5.3 per cent.[286] In 2020, coronavirus lockdown measures caused the UK economy to suffer its biggest slump on

record, shrinking by 20.4 per cent between April and June compared to the first three months of the year, to push it officially into recession for the first time in 11 years.[287]