Deflation is a prolonged drop in wages, prices and the value of assets like stocks and houses.

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Then, when inflation fell in the 1990s, they benefited again from a step jump in the value of their biggest asset as low interest rates stimulated a prolonged housing boom.

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That said, the competitiveness of British companies has been improved by the prolonged fall, since the great crash of 2007 to 2008, in the value of the pound.

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