evidence: Image .csv .xlsThe economic contraction was an extension of the downturn seen in the late 1970s and early 1980s. While inflation had come under control, the fiscal policies of reduced public spending and privatisation remained. [...] Household expenditure fell by 4.8% from late 2007 to mid-2009 as incomes stagnated. [...] Household spending fell by over 20% over this period, the largest quarterly contraction on record, which was driven by falls in spending on restaurants, hotels, transport and recreation.