Lessons to be learned from the UK’s recession

Dec 7, 2022, 12:00 PM | Updated: 12:06 pm


Energy will be a leading force for the U.S.'s economic growth. (Laura Seitz, Deseret News)

(Laura Seitz, Deseret News)

SALT LAKE CITY — “Recession” is a word that has not escaped the minds of Americans. When we observe some of the largest economies in the world like the United Kingdom, there are major takeaways we can learn from those overseas to help prevent economic disasters within our home. 

Between inflation, living costs, the war in Ukraine and the pandemic, many Americans are experiencing financial crises.

The United Kingdom entering a recession offers ideas on what paths to avoid, many of them energy-related.

The U.S. has a leg-up when it comes to energy, according to Evan Ward, who is an associate professor of history at BYU.

Ward said the U.S. is a leading export of liquefied natural gas and holds the opportunity to use both fossil fuels and renewable energy resources. 

In comparison, the UK, after Brexit, severed ties to pipelines that would have provided them key resources for energy. 

Additionally, Ward pointed out that Utah has a trade relationship with the U.K. Utah trades a large percentage of industrial minerals to Great Britain, which also affects ties to Salt Lake and London aviation. 

Recession solutions

Utah was named the Beehive State for a reason. The work-together mantra helps run local industries successfully. 

Further, the entrepreneurial spirit of Utah will help the economy increase production.

“Production always resolves questions of inflation, [by] getting more goods in circulation,” said Ward.

Comparatively, the U.K. has seen major inflation problems because it’s borrowing more than its economic growth can keep up with. 

Simply, Utah, along with the U.S. should look to “grow their way out” of the inflation process with domestic products instead of borrowing too many resources.

When observing the energy crisis Ward feels the U.S. should avoid going down the same road as the U.K. Meaning, avoid jumping to unproven renewable energy sources when they may not be able to sustain the demand. 

Overall, the potential for a recession within the U.S. could become reality in 2023. By observing the U.K., the U.S. can consider its sources of economic growth. 

Related reading:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

All News

Dr Kathy Raven, a forensic pathologist testifies about tammy daybell's cause of death...


Forensic pathologist called by defense says Tammy Daybell’s cause of death ‘undetermined’

A forensic pathologist testified in the murder trial of Chad Daybell that the death of his wife, Tammy Daybell, would be best classified as "undetermined."

53 minutes ago

FILE: Crossroads Urban Center is pictured in Salt Lake City on Wednesday, Dec. 1, 2021. Advocates f...

Ashley Fredde,

Advocates urge officials to include affordable housing in new sports and entertainment district

Crossroads Urban Center wants Salt Lake officials to mandate deeply affordable housing in a new sports and entertainment district.

2 hours ago

Police officers were responding Wednesday to a “confirmed active shooter” in a building at the ...

Sam Herrera

Suspect killed after alleged kidnapping in Millcreek

The Unified Police Department said officers got a call about a suspected kidnapping and hostage situation in Millcreek before the officer-involved shooting.

4 hours ago

An aerial shot shows Maurice Abravanel Hall in Downtown Salt Lake City....

Mariah Maynes

Renovating Abravanel Hall “makes more sense,” petition organizer says

The organizer of a petition to save Abravanel Hall from demolition said that renovating the performance space will be cheaper than demolishing.

5 hours ago

A map shows the location of Turks and Caicos....

Mariah Maynes

Five Americans facing prison time in Turks and Caicos

Five American tourists are facing prison time in Turks and Caicos after traveling to the island with ammunition.

8 hours ago

Former U.S. President Donald Trump returns to the courtroom after a break on the first day of his t...

Sam Herrera

Defense rests case in Trump hush money trial

The defense in the hush money trial rested its case just a day after the prosecution rested.

8 hours ago

Sponsored Articles

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.


Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

Lessons to be learned from the UK’s recession