Has Warwickshire bounced back from the 2008/09 crash?
"Warwickshire is better-placed than most to weather any economic turbulence ahead"
2018/19 marks ten years since the dark days of 'the crash' - the financial crisis which saw the UK economy hit by record unemployment, a collapse in house prices and a halt in productivity.
For consumers and businesses it was an extremely challenging time. So ten years on, is the UK still feeling the effects? And has Warwickshire, with its vibrant economy, managed to ‘bounce back’?
The answer to the both question, according to in-depth analysis by Warwickshire Economics, is: Yes.
In the first case, emphatically yes - the UK is still dealing with the ripples sent out by the crash a decade ago.
With regard to Warwickshire bouncing back, again yes - albeit to a degree limited by the inevitable pressures of recent years with the increased Consumer Price Index and sustained austerity.
Despite the considerable long-term fallout from the crash, as 2019 deepens, Warwickshire’s economy is doing well and better than most regions, with record low unemployment, the third-largest wage growth in the country and unparalleled productivity.
There is no room for complacency, however. Economic historian Charles Kindleberger argues that that a recession will occur every 10 years or so, in which case there is another one just round the corner.
But while increasing levels of debt combined with ongoing austerity suggests the UK as a whole is still suffering a hangover from '08/09, Warwickshire is better-placed than most to weather any economic turbulence ahead, according to exclusive research by Warwickshire County Council graduate economist Emily Newport.
To read her full report please visit: https://www.warwickshire.gov.uk/economicassessment and find ‘10 Years since the Financial Crisis’ in the Latest Research section.