II.The Recent History of the UK Economy .Causes for the relative decline: heavy debt to finance the war; the end of the British Empire; burden with the huge military expenditure; lack of the investment in modern equipment and new productsII. The Recent History of the UK Economy • Causes for the relative decline: - heavy debt to finance the war; - the end of the British Empire; - burden with the huge military expenditure; - lack of the investment in modern equipment and new products