By now, most of us have experienced the financial and personal crisis of the financial crisis, with millions losing their homes, or being forced to work, and the loss of savings.
And now we are entering an age of austerity, with rising unemployment, the closure of hospitals and the closure in some places of vital services.
But for some people, the financial squeeze on their incomes is beyond the reach of many.
The average British household lost £1,100 in the last financial year, according to the Office for National Statistics.
The average monthly wage fell by £500, and many people have had to borrow, especially in the form of mortgage interest and student loans.
The financial crisis was also deeply damaging to the British economy, with the British pound falling by 50% against the dollar in 2014 and 2015.
It has since recovered, but with the Brexit vote and the new President of the United States Donald Trump, it seems to have taken a back seat to the US economy.
With this in mind, we asked a group of economists, economists, and policy experts to rate the likelihood of a return to growth and whether a return was possible.
The economists and policy analysts are:Professor Andrew Haldane, University of St Andrews, UKThe UK economy is likely to grow by just 2% in 2017 and 2019, according a survey of over 1,000 economists and businesspeople conducted by HSBC.
That is a drop of 2 percentage points, or 1%, from the previous year, which suggests that the economy has a very poor track record of growth.
The economists we spoke to said that the economic situation has been far worse than many expected.
The UK is one of the fastest growing economies in the world, but the recent weakness in the pound has meant that imports have fallen by £10bn, which has led to a rise in the price of imports.
The Bank of England has reduced its interest rate, which had been close to zero, to 0.5%, but this has been offset by rising inflation and rising energy costs.
The fall in the value of the pound means that prices have increased in some parts of the UK, meaning that many people are paying more in taxes than they could have.
Professor Andrew Smith, University College London, UKThere is no obvious economic reason why a recovery in the UK economy could not take longer than is necessary, but this is one area where we do not have a clear picture.
If growth had been much slower than forecast, the unemployment rate would have fallen further, with a further rise in inflation.
However, the Bank of Canada has lowered its forecast for the future inflation rate to 2.2%, with the prospect of further cuts in its policy rate as well as a drop in interest rates.
Inflation is expected to remain low for some time, even as we see a gradual fall in real incomes.
Professor David Henderson, University and College LondonIn a recent study, the authors of The Future of Work found that, by 2060, unemployment would be at its lowest level since the early 1990s.
They concluded that it would be “unlikely” that the UK would see a return of full employment by then.
This is despite the fact that the Government has been pushing to see a 10% rise in pay for workers over the next three years, which would make a recovery much more difficult.
The authors of the study said:While the Government seems to be making a commitment to a higher minimum wage, it will be difficult to make the case for a minimum wage increase beyond this.
The low productivity of some jobs and the higher cost of living mean that the increase will be offset by lower wages for workers.
Professor Daniel Rolnick, University London, United KingdomThe prospects of recovery in 2019 appear uncertain.
We have seen a fall in productivity over the last few years, with some economists predicting that the labour market will be increasingly unstable, with more people forced to rely on casual or temporary work.
However Professor Rolnock argues that the long-term picture is positive, and that the current unemployment rate of 8.4% is actually “only a modest increase from the peak of the downturn in 2007”.
He said:The UK has not experienced the economic crisis as well experienced by other advanced economies, including the US, Germany, Japan and France.
The US and the eurozone have both experienced relatively high levels of joblessness, and these countries have not seen a significant increase in unemployment over the past five years.
Professor Rohan Krishnamurthy, University Institute of Economic Affairs, IndiaThe UK is now in the midst of a recession, which is partly due to the decline in manufacturing output and the fall in investment.
However it is also due to a fall of the value and value-added tax.
The UK’s economy is heavily dependent on the service sector, which accounts for more than 70% of the economy.
The drop in manufacturing activity has had a knock-on effect on the value added tax, which reduces income tax payments by 0.8% on incomes of more