recession

Best-selling author Frank Cottrell-Boyce, the current children's laureate, is to spearhead a campaign to tackle a "recession in children's happiness" that he believes is caused by a decline in reading at a young age.

Before the Brexit referendum, he warned that a vote to leave the EU could spark a recession.

"I’m concerned that Republicans will implement Project 2025 and that it is going to trigger a recession similar to that of the early 1980s."

But it was the global recession which prompted the firm's demise as Madoff investors, hit by the downturn, tried to withdraw about $7bn and he could not find the money to cover it.

As the American economy slipped into recession, Carter's popularity began to fall.