What did cause Britain's recession?

Question

What did cause Britain's recession?

Answer 1

combination of things, country borrowing too much money, mortgage lenders giving money like sweeties, to people who could not pay, and should never have been allowed to borrow, especially as the interest rates are going through the roof,  high fuel prices, selling off our the gold reserves when Brown was Chancellor, and now having him as PM who is worse than the rabbit in the headlights, no real leadership, mistakes like the 10p tax band an inredible error which has put people into such debt, so that has the knock on effect of not buying, property or other and in the end its like the proverbial pack of cards, pull one and they all come tumbling down. There is a lot more but just a few

Answer 2

The wars in different countries costing us a fortune to protect all sorts of dead beats, being tied to the US of stupid A , the oil prices and a pathetic government that seems to be h**l bent on giving every last penny to the foreigners.  

Answer 3

to many people not enough jobs and banks lending  money they just ain't got  its a bit of a vicious circle less money  you spend less so less is produced,,  less jobs see gose round +round

Answer 4

GIANT s***n MONSTERS!!!!

Answer 5

the huge rise in oil prices played a factor cos that affected food prices as well  

Answer 6

greedy oil companies pushing up the prices of everything else and a lot of money being sent out of the country  

Answer 7

The USA mortgage company's, and the Northern Rock. IMHO

Answer 8

Massive national and personal debt coupled with a chronic loss of confidence.

Growth in the British economy has been kept afloat over the last ten years by consumer spending and not by industrial production. House prices have risen in an almost psychopathological manner and people have been living under the delusion that they had become and were going to continue to become much wealthier than they actually were. This led to an artificial confidence and sense of prosperity in the population who consequently borrowed hand over fist against their assets and future earnings to enjoy material pleasures in their present believing they were more secure than they actually were.

Due to the contraction in available credit, the so called “credit crunch”, and loss of confidence in the economy British citizens are now suddenly spending much less on consumer goods and services which has led to an economic slowdown and has taken the country to the brink of a serious recession.

The government could have taken action to cool down the housing market years ago but didn't. Now we are all paying the price.

Answer 9

Our Labour Government