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Government nationalises Northern Rock.

02/01/2008

The government nationalises the troubled mortgage lender Northern Rock. Funding problems at the bank in the second half of 2007 triggered the first run on a British bank in more than a century.

The government part-nationalises three leading UK banks

10/01/2008

Financial crisis hits
2008 October - The government part-nationalises three leading UK banks with a 37 billion pound rescue package. It also pumps billions into the UK financial system after record stock market falls precipitated by the global "credit crunch".

Gov pumps billions into the UK financial system after record stock market falls

11/01/2008

Financial crisis hits
2008 October - The government part-nationalises three leading UK banks with a 37 billion pound rescue package. It also pumps billions into the UK financial system after record stock market falls precipitated by the global "credit crunch".

The FTSE closes down by 31.3% since January.

12/01/2008

Otherwise known as Footsie

The Bank of England cuts interests rates to 1.5%

01/01/2009

2009 January - The Bank of England cuts interests rates to 1.5%, the lowest level in its 315-year history.
The government announces a second package of measures to help Britain's ailing banks, amid surging unemployment and deepening economic gloom.

Governing Labour Party slumps to only 15.7% share of the vote

06/01/2009

2009 June - European election: Governing Labour Party slumps to its lowest share of the vote - 15.7% - since World War II, and is beaten into third place. The main opposition Conservative Party comes first with 27.7%.

The UK economy comes out of recession

12/01/2009

2009 The UK economy comes out of recession, after figures show it grew by 0.1% in the last quarter of 2009, following six consecutive quarters of economic contraction - the longest such period since quarterly figures were first recorded in 1955.

Coalition announces large-scale public spending cuts

10/01/2010
  • Coalition announces large-scale public spending cuts aimed at reducing UK's budget deficit, with an average 19% four-year cut in budgets of government departments.

Widespread riots and looting across the UK cost of damage more than 200m

08/01/2011

The killing of a 29-year old man by police sparks widespread riots and looting in poorer areas of London, as well as in several other English cities. Insurers estimate the cost of the damage at more than £200m.

UK economy shrank by 0.2% between January and April

01/01/2012 - 04/01/2012

2012 April - The UK economy shrank by 0.2% between January and April, partly because of a large fall in the construction industry. As the second consecutive quarter of negative growth, it marks Britain's return to recession.

Construction in UK down 3.4%

11/01/2012

11,000 jobs lost at Comet, HMV and Jessops

12/01/2012

Britain stripped of credit rating