TURNER, P., 2001. The UK economy in 2001. Economic Review, 19(4).
Although the performance of the economy in 2001 was reasonably satisfactory, there
are worrying signs that the economic environment is deteriorating rapidly. The
economy has managed to survive one major domestic shock in the form of the foot
and mouth crisis without a major downturn. However, the current international
situation has far more serious repercussions and may well lead to the first significant
recession in the UK for ten years. In particular the downturn of economic activity in
the United States is likely to lead to problems throughout the world and, although
both the Federal Reserve in the US and the Bank of England in the UK have
responded by relaxing monetary policy, this is unlikely to be enough to offset the
recessionary forces which have become evident in the second half of the year.