• Nicholas DimsdaleEmail author
  • Ryland Thomas


In 2008 the UK economy suffered its deepest recession since the 1930s. The recession had several defining characteristics: it took place simultaneously with a global recession; the exchange rate depreciated sharply; and the fiscal deficit increased markedly. Perhaps more importantly the financial sector was arguably both the source and propagator of the crisis and epitomised the potential link between the business and credit cycles.


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Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.University of OxfordOxfordUK
  2. 2.Bank of EnglandLondonUK

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