Why did Britain’s economy slow at a time when the rest of the world was booming?
The economy shrank by 0.7 per cent in 2014, the first contraction since 2008.
The slump was the result of the government’s decision to raise the personal allowance from £30,000 to £40,000 and the scrapping of the housing benefit freeze.
Inflation was also hit, with the Consumer Price Index falling by 0,2 per cent between July and October.
The economy has since recovered but unemployment remains high, with one in three people unemployed.
But the downturn in the UK was not the only reason for a slowdown in the economy in 2014.
While the recession in the US was less severe, the Great Recession of 2008-09 and the Great Financial Crisis of 2008 caused a severe downturn in economic activity.
A report released by the Resolution Foundation earlier this month found that, on an annual basis, Britain’s economic growth rate had been flat since 2009, and in absolute terms it has been declining for the past two years.
Since the Brexit vote, the UK’s economic situation has been in a tailspin.
“The economic slowdown is having a profound impact on people’s lives and on the outlook for the UK,” said Mark Zandi, chief economist at Moody’s Analytics.
There has been an increase in joblessness, which is up by more than 5,000 since April, according to the Resolution Fund.
One of the key drivers of the economic slowdown was the drop in the value of the pound.
It has also taken a big hit on the value and the value per unit of UK exports, which has caused the UK to struggle to compete globally.
Economists are worried that the economic situation will worsen because the government has announced a £2.4bn reduction in welfare payments.
This means that many low-income families will have to spend up to £7,500 a year to support themselves.
Meanwhile, inflation has risen sharply.
Inflation has risen by 3.4 per cent, compared with a rise of 0.8 per cent during the year before the Brexit decision.
As a result, the government will have cut spending by around £1.5bn over the coming year.
According to Moody’s, Britain is one of the countries in the EU that has had the biggest impact on its economy.
Over the past six years, the country’s economy has contracted by 2.6 per cent.
Although the UK is a wealthy country, the economy has been hit hard by the recession, with households spending more than £30bn more than they did a year ago.
Overall, the Resolution fund expects the UK government to deliver a budget surplus of £8bn by 2020-21, which will be enough to cover its budget deficit of £15.5 billion for the year.
This surplus is likely to be much lower than the £10.3bn that was agreed by the coalition government in 2016.
It is still unclear how much money the UK will need to avoid a full-blown financial crisis.
More: The Bank of England is expected to announce a further reduction in the Bank Rate in the coming weeks, but there are fears that the rate could rise as much as 4 per cent this year.
The Financial Times has been reporting that the government is considering raising interest rates.
Moody’s says that a rate hike will have a negative impact on the economy.
“This could reduce demand for UK exports and reduce the overall economic impact of a lower UK interest rate,” it says.
That would also be bad for consumers because they will be paying more for goods and services.
For example, if a higher rate means that people in higher-income households pay more for things such as rent, that could reduce the number of people who can afford to buy those things, the report says.
The Treasury has also announced plans to raise interest rates by as much or as little as 0.5 per cent for the next two years and to raise borrowing costs by 0 per cent a year for the remainder of the decade.
Labour leader Jeremy Corbyn said that a second referendum on the UK exit from the EU would be the right move, but he also said that the country needed a “proper debate” over Brexit and that the UK would have to keep its promise to leave the EU.
He said: “We will leave the European Union, we will get out and we will have our own laws and our own rules.
And then it will be up to the British people to decide if they want us to stay or not.”
Theresa May has said that Brexit will not be “re-opened” and that it will only be “done in a different way”.
But in a speech in September, the Prime Minister said: “We have got to get it right