"Figure 1: The last four UK downturns, 1973, 1980, 1990 and 2008","" "","" "","" "Notes","1. Q1 refers to Quarter 1 (Jan to Mar), Q2 refers to Quarter 2 (Apr to June), Q3 refers to Quarter 3 (July to Sept), and Q4 refers to Quarter 4 (Oct to Dec). 2. Indexed to the pre-downturn peak" "Unit","Index" "","" "Unit","1973 Q3","1980 Q1","1990 Q3","2008 Q2" "0","100.0","100.0","100.0","100.0" "1","99.1","99.0","99.0","99.3" "2","98.6","97.1","98.6","97.7" "3","95.9","97.0","98.4","95.6" "4","97.3","95.9","98.2","94.1" "5","98.0","95.8","98.0","93.9" "6","96.5","96.0","98.2","94.0" "7","96.6","97.0","98.2","94.3" "8","95.0","97.2","98.0","94.8" "9","94.7","97.3","98.7","95.6" "10","95.8","98.4","99.4","96.1" "11","97.3","98.7","100.1","96.1" "12","97.1","99.4","","96.7" "13","98.3","101.2","","96.8" "14","100.4","","","97.2" "15","","","","97.4" "16","","","","98.0" "17","","","","97.9" "18","","","","99.0" "19","","","","98.9" "20","","","","99.5" "21","","","","100.1"