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Year-on-year GDP growth has slipped below 3% and a further deceleration seems to have occurred in early 2008. Consumer spending growth generally held up well during the first nine months of 2007, but has weakened since then as the effect of modest real disposable income growth, tighter credit conditions, a weakening housing market and depressed confidence levels have fed through.”
http://www.pwc.co.uk/eng/publications/recent_UK_economic_developments.html
Cyclical fluctuation refers to the boom and bust cycle of the economy in UK. It is also known as the economy cycle or business cycle. Although there are no regular patterns of the fluctuation, but it normally repeats the cycle of recovery, boom, recession, sometimes even slump and depression...
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