The British government was very hopeful that the 2012 London Olympics would strengthen its weak economy and stimulate growth, but the expected recovery appears to be a failure.
Peter Popham, a British author and journalist, wrote an analysis of the UK’s previous boom up until now on The Daily Beast
The analysis showed the difference between the height of Britain’s economic boom in 2005 and the declining of the economy up until now.
In 2008, the banking crisis which began to ruin major trades was rapidly followed by the euro crisis. Even though Britain refused to join the single currency, the UK was still tied up as the euro zone’s most important business partner. The situation did little to boost the UK economy.
The British government was one of the first to bring about the issue that the only way to deal with the debt crisis was to go ahead with vast cuts. This act created a somewhat new age of austerity and is now resulting in its downfall.
The UK government’s policy on austerity caused the nation to suffer the limitations preventing it from producing enough activity to pull itself out of recession.
Britain now remains in a downhill position with over 2.5 million of the population unemployed and another expected 7 million to follow.