In the years since the 2016 referendum on the EU, the economy has experienced many challenges, with falls in economic growth, inflation and the value of sterling.
1.1 The 2007/8 economic crash saw economic growth rates plunge dramatically, well below zero. Growth recovered somewhat by 2010 and reached 3% by 2014 but has subsequently fallen to 1.3% in 2018.
1.2 In the first quarter of 2019, the rate of inflation was 1.8%, just below the government target of 2%. This was a slight fall from the level in 2017/2018 when inflation had risen dramatically following the 2016 Brexit referendum.
Source: Bank of England
1.3 After 9 years when the Bank of England's Official Interest Rate was at or below 0.5%, the interest rate was raised to 0.75% in August 2018. Historically, this is still a very low rate.