So, the official word is out, the UK is in recession for the first time since 1991. The technical definition of recession is when the economy shrinks for 2 successive quarters, and that’s just what happened. Last quarter the economy deflated by 0.6% and in the last 3 months, the economy slowed by another 1.5%. Considering that happened over Christmas, which is supposed to be one of the busiest shopping periods of the year. Granted, the rest of the economy slows down but you don’t normally expect to see these sort of figures.
The pound is also losing value compared to other currencies around the world, which has the effect of making it harder for people to spend money abroad. For example, a tub of Ephedrasil hardcore costs $79 which today is around £58. Some time ago, this used to cost £45 just a few weeks ago. It’s not all bad news though; exporters get more for their products, assuming that they can make the sales they are after. And people being paid in dollars get more bang for their buck, figuratively speaking.
How has the recession affected you?