Document Of AWL Conference 2008
1. The UK has not had an actual recession since 1990-2. Manufacturing went into recession in 2001, but not the whole economy. People under the age of about 30 generally have no living memory of a recession.
We do not know whether the recession now underway will spread into a full-scale world recession, or how big the effects in Britain of a world recession may be. But there is a serious probability of a serious downturn.