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– July 14, 2008: Financial authorities step in to assist America's two largest lenders, Fannie Mae and Freddie Mac, owners or guarantors of 5 trillion worth of home loans. Had the pre-2008 trend continued, productivity would have been 20% higher than it actually was at the end of 2017.Lots of reasons have been suggested for this, including banks not being willing to lend to new businesses, low levels of business investment and companies being able to keep staff on instead of making them redundant, because wages have not been rising.But the phenomenon of low productivity growth, common to many economies across Europe, is not fully understood and has been called the “productivity puzzle”.Preliminary estimate for gross domestic product (GDP) containing constant price gross value added (GVA) data for the UK.
/economy/grossdomesticproductgdp/articles/the2008recession10yearson/2018-04-30 Having merged with HBOS in September, Lloyds is hit by the huge debts built up by its new partner in the mortgage market, while RBS is struggling with its expensive merger with ABN-AMRO. – October 8, 2008: The Bank of England cuts interest rate by 0.5% to 4.5% in a surprise decision as part of a co-ordinated global attempt to ease the financial crisis. It gets a 25pc indirect stake in both banks. – February 17, 2008: The government announces that struggling Northern Rock is to be nationalised for a temporary period. It prompts the first run on a bank for more than a century. – October 7, 2008: The Icelandic government takes control of Landsbanki, the country's second largest bank. The financial crisis of 2007/2008 and its impact on the UK and other economies The roots of the financial problems of the last two/three years can probably be traced back to the deregulation of financial markets in the US, the UK and the Western European economies that started in the 1970s and gathered pace in the early 1980s. The latest data show that the UK economy is now 11% bigger than it was before the recession.As the economy got smaller, lots of people lost their jobs and employers stopped hiring. - The Icelandic government also takes control of the country's third-largest bank, Glitnir, after the company faces short-term funding problems. This meant it was more expensive to import goods and services, so prices rose and earnings are again failing to keep up with prices.One way to measure the strength of the economy is looking at how much money each worker adds to the economy – their labour productivity, measured in output per hour.Productivity had been rising steadily before the recession, but it slumped in 2008 and has barely recovered since. Here are some of the most important milestones in a Great Recession timeline of the financial crisis—also known as the 2008 recession—which lasted in … - February 26, 2009: RBS reports a loss of £24.1bn for 2008, the biggest in British corporate history. In 2008, the financial crisis shook the global economy. Ireland's banking crisis: timeline How the financial crisis has unfolded in Ireland and its bank debts have mounted since the collapse of Lehman Brothers in the US in September 2008 … The 2008 financial crisis had its origins in the housing market, for generations the symbolic cornerstone of American prosperity. It is the first IMF loan for a western European nation since 1976. The government asks Sir Fred to give up an annual pension worth about £700,000. - Late July/early August 2007: The UK stock market goes through a period of volatility. The credit crunch begins in earnest. Low interest rates have enabled companies to restructure their balance sheets at lower costs because loans are cheap. – October 19, 2008: Chancellor Alistair Darling announces plan to pour billions of pounds into major public works in an attempt to help spend the UK out of the worst of the economic downturn. – September 29, 2008: The government takes control of Bradford & Bingley's £50 billion of mortgages and loans. The UK stockmarket yields around 3.8% compared to 0.9% on a 10-year UK government bond. – September 17, 2008: Lloyds TSB announces a £12 billion deal to take over Britain's biggest mortgage lender HBOS after a run on HBOS shares.
- November 21, 2010: Irish Finance Minister Brian Lenihan says he will recommend to the Government that the country formally request a bailout package from the EU, ECB and IMF. But in April to June 2008, it began to fall.The economy kept getting smaller for five successive quarters. – January 15, 2009: The Irish government says it is to nationalise the Anglo Irish Bank.

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