Employment has fallen during this recession but by much less than the fall in output. This article examines how the behaviour of the labour market compares with previous recessions. A number of factors, including greater flexibility in real wages, may have helped to mitigate the fall in...

Macroeconomic performance in the United Kingdom has been disappointing in recent years: for most of the post-crisis period, GDP growth has been unexpectedly weak, and inflation unexpectedly strong. That unexpected weakness in GDP reflects a combination of weaker growth in the United Kingdom’s...