Dec 18, 2020

10 Lessons from the 2008 recession for 2021

recession
Sixley
Paul Naha-Biswas, CEO and foun...
7 min
recession
Paul Naha-Biswas, CEO and founder of Sixley discusses 10 important lessons learned from the 2008 recession for organisations to apply to 2021...

In his Spending Review last month, the Chancellor announced forecasts from the Office for Budget Responsibility (OBR) showing an 11.3% contraction in the UK economy this year. While news of a recession will come as little surprise to most given the restrictions enforced on businesses during the pandemic, the scale of it is nevertheless shocking. The 11.3% decline is the biggest in three centuries, far exceeding the 6% financial crash of 2008.

Back then, the economy took five years to recover to the size it was before the recession. And, although the scale and nature of the economic crash is different to anything ever experienced previously, there are still some useful lessons we can learn from 2008 to help accelerate our recovery:

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