2009: How was it for you?

Christine Whitfield reviews the highs and lows of 2009.

So how was it for you? After twelve months of chaos, catastrophe and sometimes just plain craziness, 2009 is set to draw to a close. Before we welcome in 2010 in the hope a new decade will bring with it some good news, let's take a look back at some of the highs (surely there were some?) and lows (of which there were plenty) of 2009.

A glimmer of hope

As the year began, there was a sense of hope across much of America as Barack Obama took office. After a pretty dreadful 2008, a change in leadership for the world's most powerful country gave everyone a glimmer of hope that things may be on the up. They weren't. At least not where finance in concerned.

In the UK, we were greeted with the news that Britain was officially in recession for the first time since 1991. Happy New Year!

And if that wasn't enough to maximise your January blues, house prices continued to fall, with Nationwide's housing data revealing prices fell by 16.6% year on year.

Savings hit a record low

Savers were handed a kick in the teeth in February when interest rates were cut to 0.5% - the lowest rate on record. No wonder the average saving rate hit record lows.

The Monetary Policy Meeting that month also brought the subject of Quantitative Easing to the fore. By the end of the year the government would announce £200bn would be pumped into the banking system

Green shoots emerge

As we entered Spring, there were few signs of those illustrious green shoots we were told would be appearing. Instead we discovered just how bad things were when April's budget revealed the UK would have to borrow a massive £175bn. Chancellor Alastair Darling cheered us all up by telling us the economy was facing its worst year since World War II. Happy Days.

The chancellor did decide to help some savers though by raising the amount over 50s can deposit in a cash ISA to £5,100.

April also saw the G20 Summit. As leaders from around the world gathered to discuss the economic recession, amongst other things, London lost its head for a few days. Rioters royally trashed the headquarters of Royal Bank of Scotland, seen by many as the symbol of all that was wrong in the world of finance.

MPs and bankers

News in May was dominated by the MPs' expenses scandal. As the public tried to cope with the doom and gloom of redundancies, it was far from comforting to hear that MPs were treating themselves to duck houses and moats at our expense.

Who can you trust? We've lost confidence in banks, in the government and in the economy.

The Pre Budget Report in December was seen by many as Labour's last chance to get to prove their worth. And the general consensus seems to be that they failed. By not extending the stamp duty holiday implemented 15 months before the government made things even more difficult for first-time buyers. A sobering thought amid the festive fun.

And it seemed the party was over for bankers as Darling announced all bank bonuses over £25,000 would be subject to a one of 50% tax. The lament of "finally!" was almost audible up and down the country.

How was it for you?

How did things work out for you in 2009? Was it a good or a bad year, financially? What are your views on how the economic events of the year were handled? Please share your views using the comments box below!