<Table> <Tr> <Th> Name </Th> <Th> Dates </Th> <Th> Duration </Th> <Th> Real GDP reduction </Th> <Th> Causes </Th> <Th> Other data </Th> </Tr> <Tr> <Td> Post-Napoleonic depression </Td> <Td> 1812 -- 21 </Td> <Td> ~ 9 years </Td> <Td> </Td> <Td> Post-war readjustment </Td> <Td> </Td> </Tr> <Tr> <Td> 1857 - 8 recession </Td> <Td> 1857 - 8 </Td> <Td> ~ 1 year </Td> <Td> ~ 1 % </Td> <Td> Panic of 1857 ( originating in America ) as the first global economic crisis , confidence eroded by Palmerston government relaxing the provisions of the Peel Banking Act of 1844 </Td> <Td> Comparatively brief contraction of approximately 3.5 % nominal GDP ? </Td> </Tr> <Tr> <Td> 1867 - 9 recession </Td> <Td> 1867 -- 9 </Td> <Td> ~ 2 years </Td> <Td> ~ 1 % </Td> <Td> Impact on exports resulting from American recession post-civil war </Td> <Td> 1.9 % fall in GDP </Td> </Tr> <Tr> <Td> Long Depression </Td> <Td> 1873 - 96 </Td> <Td> ~ 20 years </Td> <Td> Deflation but no reduction in real GDP </Td> <Td> Panic of 1873 </Td> <Td> Worldwide , but Britain hit worst and longest . Previously known as the `` Great Depression '' . Agricultural deflation hit farmers and their workers , although industrial output continued to grow . </Td> </Tr> <Tr> <Td> 1919 - 26 depression </Td> <Td> 1919 - 21 </Td> <Td> ~ 3 years </Td> <Td> 10.9 % 1919 6.0 % 1920 8.1 % 1921 ~ 9.5 % </Td> <Td> The end of World War I </Td> <Td> Deflation ~ 10 % in 1921 , and ~ 14 % in 1922 . </Td> </Tr> <Tr> <Td> Great Depression </Td> <Td> 1930 - 1 </Td> <Td> ~ 2 years </Td> <Td> 0.7 % 1930 5.1 % 1931 </Td> <Td> US Depression . Reducing demand for UK exports , also high interest rate defending the gold standard . </Td> <Td> UK came off gold standard Sept 1931 . 3 - 5 % deflation pa . UK much less affected than US . Took 16 quarters for GDP to recover to that at start of recession after a ' double dip ' . </Td> </Tr> <Tr> <Td> 1956 recession </Td> <Td> 1956 1956 Q2 1956 Q3 </Td> <Td> 0.5 years ( 2 Qtrs ) </Td> <Td> 1956 Q2 : - 0.2 % 1956 Q3 : - 0.1 % </Td> <Td> Uncompetitive motor industry , inflationary pressures , credit squeeze caused by high bank rate . </Td> <Td> Average inflation in 1956 totalled 4.9 % . Interest rate held at 5.5 % , an increase of 1.0 % on the previous year . </Td> </Tr> <Tr> <Td> 1961 recession </Td> <Td> 1961 1961 Q3 1961 Q4 </Td> <Td> 0.5 years ( 2 Qtrs ) </Td> <Td> 1961 Q3 : - 0.5 % 1961 Q4 : - 0.2 % </Td> <Td> Time lag from the ' Rolling Adjustment ' recession in America and high bank rate . </Td> <Td> Interest rates were hiked from 5.0 % to 7.0 % in July 1961 , reducing to 6.5 % in October 1961 and then to 6.0 % from November 1961 onwards . </Td> </Tr> <Tr> <Td> Mid-1970s recessions </Td> <Td> 1973 - 41973 Q3 1973 Q4 1974 Q1 </Td> <Td> 0.75 years ( 3 Qtrs ) </Td> <Td> 1973 Q3 : - 1.0 % 1973 Q4 : - 0.4 % 1974 Q1 : - 2.7 % </Td> <Td> 1973 oil crisis , stagflation , the decline of traditional British industries , inefficient production , high inflation caused industrial disputes over pay . </Td> <Td> The economy surpassed its pre-recession peak by 1976 Q4 , fourteen quarters after its beginning . There were two single - quarterly setbacks during the recovery ( aside from the double - dip ) in 1974 Q4 and 1976 Q2 . Average inflation was 9.2 % in 1973 , 16.0 % in 1974 , 24.2 % in 1975 and 16.5 % in 1976 . Interest rates fluctuated wildly during the recession with a low of 9.0 % in March 1976 and a high of 15.0 % in October 1976 . </Td> </Tr> <Tr> <Td> 1975 1975 Q2 1975 Q3 </Td> <Td> 0.5 years ( 2 Qtrs ) </Td> <Td> 1975 Q2 : - 1.7 % 1975 Q3 : - 0.3 % </Td> </Tr> <Tr> <Td> Early 1980s recession </Td> <Td> 1980 - 11980 Q1 1980 Q2 1980 Q3 1980 Q4 1981 Q1 </Td> <Td> 1.25 years ( 5 Qtr ) </Td> <Td> 1980 Q1 : - 1.7 % 1980 Q2 : - 2.0 % 1980 Q3 : - 0.2 % 1980 Q4 : - 1.0 % 1981 Q1 : - 0.3 % </Td> <Td> Deflationary government policies including spending cuts , pursuance of monetarism to reduce inflation , switch from
<Table> <Tr> <Th> Name </Th> <Th> Dates </Th> <Th> Duration </Th> <Th> Real GDP reduction </Th> <Th> Causes </Th> <Th> Other data </Th> </Tr> <Tr> <Td> Post-Napoleonic depression </Td> <Td> 1812 -- 21 </Td> <Td> ~ 9 years </Td> <Td> </Td> <Td> Post-war readjustment </Td> <Td> </Td> </Tr> <Tr> <Td> 1857 - 8 recession </Td> <Td> 1857 - 8 </Td> <Td> ~ 1 year </Td> <Td> ~ 1 % </Td> <Td> Panic of 1857 ( originating in America ) as the first global economic crisis , confidence eroded by Palmerston government relaxing the provisions of the Peel Banking Act of 1844 </Td> <Td> Comparatively brief contraction of approximately 3.5 % nominal GDP ? </Td> </Tr> <Tr> <Td> 1867 - 9 recession </Td> <Td> 1867 -- 9 </Td> <Td> ~ 2 years </Td> <Td> ~ 1 % </Td> <Td> Impact on exports resulting from American recession post-civil war </Td> <Td> 1.9 % fall in GDP </Td> </Tr> <Tr> <Td> Long Depression </Td> <Td> 1873 - 96 </Td> <Td> ~ 20 years </Td> <Td> Deflation but no reduction in real GDP </Td> <Td> Panic of 1873 </Td> <Td> Worldwide , but Britain hit worst and longest . Previously known as the `` Great Depression '' . Agricultural deflation hit farmers and their workers , although industrial output continued to grow . </Td> </Tr> <Tr> <Td> 1919 - 26 depression </Td> <Td> 1919 - 21 </Td> <Td> ~ 3 years </Td> <Td> 10.9 % 1919 6.0 % 1920 8.1 % 1921 ~ 9.5 % </Td> <Td> The end of World War I </Td> <Td> Deflation ~ 10 % in 1921 , and ~ 14 % in 1922 . </Td> </Tr> <Tr> <Td> Great Depression </Td> <Td> 1930 - 1 </Td> <Td> ~ 2 years </Td> <Td> 0.7 % 1930 5.1 % 1931 </Td> <Td> US Depression . Reducing demand for UK exports , also high interest rate defending the gold standard . </Td> <Td> UK came off gold standard Sept 1931 . 3 - 5 % deflation pa . UK much less affected than US . Took 16 quarters for GDP to recover to that at start of recession after a ' double dip ' . </Td> </Tr> <Tr> <Td> 1956 recession </Td> <Td> 1956 1956 Q2 1956 Q3 </Td> <Td> 0.5 years ( 2 Qtrs ) </Td> <Td> 1956 Q2 : - 0.2 % 1956 Q3 : - 0.1 % </Td> <Td> Uncompetitive motor industry , inflationary pressures , credit squeeze caused by high bank rate . </Td> <Td> Average inflation in 1956 totalled 4.9 % . Interest rate held at 5.5 % , an increase of 1.0 % on the previous year . </Td> </Tr> <Tr> <Td> 1961 recession </Td> <Td> 1961 1961 Q3 1961 Q4 </Td> <Td> 0.5 years ( 2 Qtrs ) </Td> <Td> 1961 Q3 : - 0.5 % 1961 Q4 : - 0.2 % </Td> <Td> Time lag from the ' Rolling Adjustment ' recession in America and high bank rate . </Td> <Td> Interest rates were hiked from 5.0 % to 7.0 % in July 1961 , reducing to 6.5 % in October 1961 and then to 6.0 % from November 1961 onwards . </Td> </Tr> <Tr> <Td> Mid-1970s recessions </Td> <Td> 1973 - 41973 Q3 1973 Q4 1974 Q1 </Td> <Td> 0.75 years ( 3 Qtrs ) </Td> <Td> 1973 Q3 : - 1.0 % 1973 Q4 : - 0.4 % 1974 Q1 : - 2.7 % </Td> <Td> 1973 oil crisis , stagflation , the decline of traditional British industries , inefficient production , high inflation caused industrial disputes over pay . </Td> <Td> The economy surpassed its pre-recession peak by 1976 Q4 , fourteen quarters after its beginning . There were two single - quarterly setbacks during the recovery ( aside from the double - dip ) in 1974 Q4 and 1976 Q2 . Average inflation was 9.2 % in 1973 , 16.0 % in 1974 , 24.2 % in 1975 and 16.5 % in 1976 . Interest rates fluctuated wildly during the recession with a low of 9.0 % in March 1976 and a high of 15.0 % in October 1976 . </Td> </Tr> <Tr> <Td> 1975 1975 Q2 1975 Q3 </Td> <Td> 0.5 years ( 2 Qtrs ) </Td> <Td> 1975 Q2 : - 1.7 % 1975 Q3 : - 0.3 % </Td> </Tr> <Tr> <Td> Early 1980s recession </Td> <Td> 1980 - 11980 Q1 1980 Q2 1980 Q3 1980 Q4 1981 Q1 </Td> <Td> 1.25 years ( 5 Qtr ) </Td> <Td> 1980 Q1 : - 1.7 % 1980 Q2 : - 2.0 % 1980 Q3 : - 0.2 % 1980 Q4 : - 1.0 % 1981 Q1 : - 0.3 % </Td> <Td> Deflationary government policies including spending cuts , pursuance of monetarism to reduce inflation , switch from
when did deflation last occur in the uk
when did deflation last occur in the uk
Early 1980s
Early 1980s