ECONOMY

Impact of Recession on UK Economy

Table of Contents

Introduction1

Rationale for the research1

Research methodology2

Research procedures3

Research approach3

Literature search4

Limitations of the study5

Ethical Considerations5

The global financial crisis6

The impact of recession on the most vulnerable8

Primary sector9

Secondary sector9

Tertiary sector10

Conclusion11

References13

Appendix14

Impact of Recession on UK Economy

Introduction

The current global financial crisis is the result of the imbalances in the world economy that have been accumulating over the last two decades. Hence, the recession was much worse than it was in the previous years. There have been considerable changes in the sectoral arrangements in the UK economy. The economy has moved from manufacturing to services. This shift has been capitalized the most by the financial sector (Jones 2009, p. 19). The main objective of this research is to find out the effects of the recession on the British economy. In particular, the paper focuses the effect on primary, secondary and tertiary sectors of the economy. The aims of the research are as follows:

What is the effect of the recession on the UK economy?

How has the recession affected those most at risk?

Will the recession bring about a rebalancing of the UK economy?

How has the recession impacted the primary, secondary and tertiary sectors of the economy?

Rationale for the research

Several researches have been conducted on the global financial crisis and the way it has hit the economies around the globe. Some have been conducted specifically on the impact of recession on the UK economy. The purpose of this research is to focus on the effect of recession on the UK economy focusing on the three sectors of the economy, that is, primary, secondary and tertiary. In particular, the research focuses on how life of the people in the UK changed after the recession. This is something which is particular interest to me.

Research methodology

The research on Recession and its impact on the primary, secondary and tertiary sectors of the UK economy is an Ex post facto research. The main reason for this is the fact that the researcher has not aimed at changing anything at all. The purpose is to state what has been founded through the research findings. Since, the purpose of the researcher is to come up with the effects; it has used the case study method for the research. In addition, this is an applied research in that the purpose of the research is not only to come up with the effect of the recession but also to make recommendations for improvements and future course of action.

This is a qualitative research. Qualitative research is the best suited research methodology when it comes to exploring issues and problems. It provides answers to the questions and is carried out in many work settings. The purpose of the qualitative research is to answer the why and not the how. Hence, we will be using both the structured and unstructured forms of data collection. The survey in this research will be conducted through open ended questionnaires. This means that the researcher will be gaining insights into the perceptions of the research target ...