What did the 2008 financial crisis do to our country?


What happend in 2008?

Ten years ago, in autumn 2008, the world watched as the biggest financial meltdown in history unfolded. The crash plunged the world into recession, lost millions of families their homes and its shadow still hangs over our politics today. [I found this information at https://www.bbc.co.uk/news/topics/cl54p8v4kz3t/financial-crisis-of-2007-08]The average UK house price fell from a pre-crisis peak of £190,032 in September 2007 to a low of £154,452 in March 2009, according to data from the Office for National Statistics and the Land Registry. Since then, the price of an average house has recovered to £228,384.Northern Ireland and parts of northern England, Scotland and Wales are the areas most affected. House prices continued to fall in the markets most affected for up to four years after 2008 as demand for housing was impacted by tighter credit availability and weak economic growth.In the capital, house prices started to bounce back strongly in 2010 on rising employment and increasing numbers of overseas investors, he said. It means the whole of the London housing market has house prices that are more than 50% higher than 2008 levels. [I found this at https://www.bbc.co.uk/news/business-45483636]

Will this ever happen again?

Some people think we are on the edge of a financial crash because we are leaving the EU and won't be able to trade with other countries. [My own writing] Lets see what BBC has to say, Mr Greenspan, who when he ran the US central bank was hailed as a man who could move markets, also warned that the world's financial institutions should have seen the looming crisis.

BBC: BBC is a trusful website to go onto because we use it all around the world and even in schools. I used only BBC websites for this research and you can look at them yourselfs.

Comments (3)

  • Tiff-Avatar.jpg Tiff @ Topical Talk
    05 Dec 2018

    I gave this post a star because you've been curious and researched the topic, and you've been very clear with where you found your information from.

    Can you summarise what happened in 2008 in a sentence or two?

    1. Evelyn-Street-logo-250x250.jpg placid_meerkat | Evelyn Street Primary School A
      Tiff @ Topical Talk's comment 05 Dec 2018

      It began in 2007 with a crisis in the subprime mortgage market in the United States, and developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers on September 15, 2008.

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