Thousands of local and national shops closed down during the UK recession
The UK came out of the longest recession on record in January 2010 - but the pain is not over. Economists warn that the public sector will be the next victim of drastic cuts, and BBC Three Counties is looking for your stories.
It all started when the banks started to collapse at the end of 2007.
The banks had been gambling with savers' money, awarding themselves huge bonuses and in America had been lending money to people who would not be able to pay the mortgage on their homes.
The credit markets froze and by the middle of 2008 we were in financial meltdown. This became a global recession, from which the UK economy only emerged in January 2010.
Vauxhall, Woolworths, MFI...
Many local and national businesses went under, including the Kemble piano factory in Milton Keynes, the home furnishing group Roseby's, many local construction firms and dozens of small businesses. The Vauxhall van factory and company head office in Luton announced more job losses while Woolworths and MFI closed their stores nationwide.
Britain technically scraped out of the recession in January 2010 when economic growth increased by just 0.1% in the final three months of 2009.
Councils have agreed to combine their waste collection services
But the pain is not yet over; we are warned that as central government pushes the pain of massive cuts downwards, the public sector will be the next victim of drastic cuts.
Councils are already working together to provide joint services in order to save money. Milton Keynes and Northamptonshire Councils have agreed to combine their waste collection services.
BBC Three Counties wants your stories
- Do you work for a local authority? Have you had your hours reduced?
- Have you already been made redundant from your job?
- Has a local service that you rely on been affected by spending cuts?
- Is your group or organisation worried about the future?
- Are you starting to see charges for services that up to now have been free or, at least, affordable?
Phone us on 01582 637400 or contact BBC Three Counties reporter Paul Scoins using the form below to tell us if you work in the public sector and have been affected by the recession.
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