While we may be in a recession for a longer period of time, we may not see the extremes of 14 years ago with major banks collapsing
The 70s saw an oil crisis, much like we are seeing an gas crisis now, which led to fears of power shortages and double digit inflation – situations we are now experiencing.
One of the main ways the recessions differ is wage growth. In the UK, real wages grew an average 33 per cent a decade from 1970 to 2007 but didn’t grow at all in the 2010s – affecting people’s actual take home pay. This is because it will reduce pain on households and businesses that face rising costs for a longer period of time.
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