The Queen and I

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Language: English

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It is also rich in a number of natural resources including coal, petroleum, natural gas, tin, limestone, iron ore, salt, clay, chalk, gypsum, lead, silica and an abundance of arable land.[ citation needed ] In the final quarter of 2008, as a result of the Great Recession, the UK economy officially entered recession for the first time since 1991. [245] Unemployment increased from 5.2% in May 2008 to 7.6% in May 2009 and by January 2012 the unemployment rate among 18- to 24-year-olds had risen from 11.9% to 22.5%, the highest since current records began in 1992, although it had fallen to 14.2% by November 2015. [246] [247] [248] Total UK government debt rose quickly from 44.4% of GDP in 2007 to 82.9% of GDP in 2011, then increased more slowly to 87.5% of GDP in 2015. [249] [250] Following the likes of the United States, France and many major economies, in February 2013, the UK lost its top AAA credit rating for the first time since 1978 with Moodys and Fitch credit agency while, unlike the other major economies retained their triple A rating with the largest agency Standard & Poor's. [251] [252] However, by the end of 2014, UK growth was the fastest in both the G7 and in Europe, [253] [254] and by September 2015, the unemployment rate was down to a seven-year low of 5.3%. [255] As a direct result of the Great Recession between 2010 and the third quarter of 2012 wages in the UK fell by 3.2%, [256] but by 2015 real wages were growing by 3%, having grown faster than inflation since 2014. [257] Since the 1980s, UK economic inequality, like Canada, Australia and the United States has grown faster than in other developed countries. [258] [259] The poverty line in the UK is commonly defined as being 60% of the median household income. [nb 15] In 2007–2008 13.5 million people, or 22% of the population, lived below this line.

Pages: 239

Publisher: Soho; 1st U.S. ed edition (September 1993)

ISBN: 0939149974

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