A problem shared: what can we learn from past recessions

Document type
Smith, James; Pacitti
Resolution Foundation
Date of publication
5 August 2019
Poverty Alleviation Welfare Benefits and Financial Inclusion, Employment, Social Policy
Social welfare
Material type

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Recessions are incontrovertibly bad for living standards, producing a combination of mass unemployment (with the unemployed population jumping by over a million on average across the last four recessions) and damaged household finances (with typical incomes falling by five per cent on average over the same four episodes). This briefing note assesses the impact recessions have on people across the income distribution, and considers what the nature of the last downturn means for the next one.

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