(Angus Reid Global Monitor) – Many adults in Britain believe the country has not rebounded from the global financial crisis, according to a poll by Angus Reid Public Opinion. 83 per cent of respondents rate the economic conditions in the United Kingdom as poor or very poor.
(Angus Reid Global Monitor) – Many adults in Britain believe the country has not rebounded from the global financial crisis, according to a poll by Angus Reid Public Opinion. 83 per cent of respondents rate the economic conditions in the United Kingdom as poor or very poor.
Since 2007, defaults on so-called subprime mortgages—credit given to high-risk borrowers—in the United States caused volatility in domestic and global financial markets and ultimately pushed the U.S. economy into a recession. A recession is defined as two consecutive quarters of negative growth. The crisis has affected the global financial and credit systems, and triggered layoffs in companies around the world.
Britain has been hit hard by the global financial crisis. In 2007, the British Northern Rock bank—a prominent mortgage lender—was forced to seek emergency funding from the government. Brown’s administration has intervened to save bankrupt banks and boost the economy. In November 2008, Brown introduced a "shock-treatment" stimulus package to jump-start the country’s economy through tax cuts, increased government spending and a greater role in government lending. The package was valued at $31 billion U.S.
In January, the Office of National Statistics showed that the UK economy grew by 0.1 per cent in the last quarter of 2009, ending six consecutive quarters of contraction.
On Mar. 31, current chancellor of the exchequer Alistair Darling said the economy’s performance has been affected by a crisis in European markets, adding, "60 per cent of our trade is with Europe, and Europe as a whole has seen fairly flat growth. If you take Germany, for example, where we do export to, its GDP in the fourth quarter was flat; Italy and Spain, markets of ours, they have difficulties, as you know. Ireland is a big market of ours."
The next election to the House of Commons must be held on or before Jun. 3. Sitting prime ministers can dissolve Parliament and call an early ballot at their discretion. It is widely believed that the election will take place on May 6.
Polling Data
How would you rate the economic conditions in the United Kingdom today?
|
Mar. 2010
|
Feb. 2010
|
Jan. 2010
|
|
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Very Good / Good
|
13%
|
12%
|
14%
|
|
Poor / Very Poor
|
83%
|
85%
|
83%
|
|
Not sure
|
4%
|
3%
|
2%
|
Source: Angus Reid Public Opinion
Methodology: Online interviews with 2,006 British adults, conducted on Mar. 30 and Mar. 31, 2010. Margin of error is 2.2 per cent.
