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New study reveals effects of 'Great Recession' across OECD countries

Press release

The UK recently experienced its worst recession for over sixty years, and large falls in GDP were seen across many other developed countries. As part of a new cross-country study commissioned and supported by the Fondazione Rodolfo Debenedetti, IFS researchers have examined the effects of this recession on UK households. This is one of the first studies to look at the effects of the 'Great Recession' on the distribution of living standards, and to do so in comparative perspective across countries.

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The UK recently experienced its deepest recession since the Second World War, during which GDP fell by over 6 per cent between the first quarter of 2008 and the third quarter of 2009. We would naturally expect these falls in national income to have consequences for UK households' living standards. ...