In 2008 and 2009 the UK suffered through one of the longest and deepest recessions of any major economy.
Hundreds of thousands of businesses closed and more than a million people lost their jobs as a result.
Duedil examined registered company closures and formations and developed a proprietary algorithm for inferring industry classifications for UK companies.
As expected, there was a gradual growth in the number of businesses closing each year as the UK market expanded, until the recession hit. In late 2008, the number of companies that closed their doors exploded, bringing on seven consecutive months of negative growth in the size of the UK business population, which contracted by over 220,000 companies.
The extreme levels of closures saw 2009 record the highest number of company closures ever, at over 492,000, compared with 312,000 in 2008, the second highest year.
The return to recession in 2012 and the recent prediction of zero economic growth this year by the Bank of England means businesses still face a turbulent time ahead, and one certainty is that the slump brought on by the global financial crisis will continue to reverberate for some time to come.
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