Industry and markets.

In 2009 the UK entered one of the sharpest, deepest recessions on record. Throughout the course of the year policy makers undertook extraordinary measures to rebuild confidence in the financial system and stimulate economic activity.

In the first quarter of 2010 economic data has begun to improve and financial markets have started to respond. The UK economy continues to lag behind other major developed economies, although officially exiting recession at the end of 2009. However, signs of confidence returning to the housing market and improvement in the manufacturing sector should help restore moderate economic growth during 2010.