Strip out the “black swan” existential events of the global financial crisis and the pandemic and we have not had an old-fashioned cyclical recession for more than 30 years.
Not since the early Nineties, in fact, when the then Chancellor Norman Lamont insisted “Je ne regrette rien” despite an economic crisis that culminated in the Black Wednesday convulsions of September 1992 and sterling’s ejection from the ERM.
