110-701: The Anglo-Bavarian Brewery was originally established in Shepton Mallet in Somerset , England in 1864. It has been claimed as the first lager brewery in the United Kingdom , although the claim is disputed. It closed in 1920. The building, now the Anglo Trading Estate , is a grade II* listed building and is on English Heritage's Heritage at Risk Register , and Mendip District Council's Historic Buildings at Risk Register. The brewery
220-419: A US Army detention facility. Between 1943 and 1945, 18 US servicemen were executed within the prison walls, after convictions for murder, rape or both. In the 1960s and 1970s many historic buildings were demolished to build Hillmead council estate in the north of the town and a retail development and theatre in the market place. The population of Shepton Mallet was fairly stable through the 19th century and
330-487: A Grade II listed building of 1848. Later serving as the Norah Fry mental hospital, it is now a housing development. On the nearby western edge is a modern community hospital. Down the valley are the hamlets of Darshill, once the site of several mills, and Bowlish, which contains several grand clothiers' houses. The sloping fields by the river between Bowlish and the rest of Shepton are known as The Meadows. To their east
440-409: A balance sheet recession would be appropriate. However, Krugman argued that monetary policy could also affect savings behavior, as inflation or credible promises of future inflation (generating negative real interest rates) would encourage less savings. In other words, people would tend to spend more rather than save if they believe inflation is on the horizon. In more technical terms, Krugman argues that
550-469: A brewing business, and then headquarters of a leather-goods manufacturer. Behind are Kilver Court Gardens, originally built by Showerings for the recreation of its staff and set against a backdrop of part of the Charlton Viaduct . These are now open to the public. On the eastern edge of the town is Charlton , which has former breweries and mills, now converted into a trading estate. Right on
660-828: A centre for cider production. For some of the Second World War , Shepton Mallet Prison was used to store national records from the Public Record Office , including the Magna Carta , the Domesday Book , the logbooks of HMS Victory , dispatches from the Battle of Waterloo and the "scrap of paper" signed by Hitler and British prime minister Neville Chamberlain at the Munich Conference of September 1938. The prison also became
770-513: A comprehensive assessment of the depth and breadth of economic downturns, enabling policymakers to devise more effective strategies for economic stabilization and recovery. Recessions in the United Kingdom are generally defined as two consecutive quarters of negative economic growth, as measured by the seasonal adjusted quarter-on-quarter figures for real GDP . The Organisation for Economic Co-operation and Development (OECD) defines
880-473: A contract bottling operation for other drinks firms. In October 2016 it was announced that the cider factory and bottling plant would be taken over by Brothers Drinks. As well as an annual Royal Bath and West Show and other agricultural shows , the Royal Bath & West Showground near Evercreech , 2.5 mi (4.0 km) south-east of the town, hosts events such as New Wine Christian festival and
990-603: A field to the east of Stoke Lane Quarry. The countryside around Shepton is mostly farmed, although there are nearby areas of woodland. About 1.8 mi (2.9 km) to the north-east is Beacon Hill Wood, owned by the Woodland Trust ), at the junction of the Fosse Way and a Roman road topping the Mendip Hills , which contain a number of tumuli . To the north-west of the town are Ham Woods, within which are
1100-455: A fine of 2000 marks for participating in a rebellion against the king) it passed through his daughter Mabel to her husband Hugh de Vivonne . Some generations later, the part of the estate containing Shepton Mallet was sold to a relative, Sir Thomas Gournay. His son, also Thomas, took part in the murder of Edward II . His estates were confiscated by Edward III in 1337, but returned some years later. When Mathew de Gournay died childless in 1406,
1210-463: A key demand component of GDP, fell enormously (22% of GDP) between 1990 and its peak decline in 2003. Japanese firms overall became net savers after 1998, as opposed to borrowers. Koo argues that it was massive fiscal stimulus (borrowing and spending by the government) that offset this decline and enabled Japan to maintain its level of GDP. In his view, this avoided a U.S. type Great Depression , in which U.S. GDP fell by 46%. He argued that monetary policy
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#17328014161081320-593: A letter from Henry VII . The second part of the name derives from that of the Norman family of Malet . Gilbert Malet, son of William Malet, Honour of Eye , held a lease from Glastonbury Abbey around 1100. The second letter "l" appears to have been added to the spelling in the 16th century. Archaeological investigations have found evidence of prehistoric activity in the Shepton Mallet area, with large amounts of Neolithic flint and some pottery fragments of
1430-502: A liquidity trap is expanding the money supply via quantitative easing or other techniques in which money is effectively printed to purchase assets, thereby creating inflationary expectations that cause savers to begin spending again. Government stimulus spending and mercantilist policies to stimulate exports and reduce imports are other techniques to stimulate demand. He estimated in March 2010 that developed countries representing 70% of
1540-469: A more balanced economy. In 2001, there were slightly more jobs in town than the economically active, giving a small influx. The town centre has a high proportion of empty premises in Market Place and the adjacent north end of High Street, but the pedestrianised Town Street north of the Market Place to Waterloo Bridge has had marked investment in its heritage, bringing almost full occupancy. Since 2010
1650-538: A quarter of independent shops is emerging in Town Street and Market Place. Since 2004 town-centre buildings have enjoyed a Heritage Economic Regeneration Scheme and a Townscape Heritage Initiative, which makes grants for building repair, reinstatement of architectural features and enhancement of public spaces, and for community involvement, education and training. As the body that bid for the funding, Mendip District Council has run both schemes, but decisions lie with
1760-833: A recession as a period of at least two years during which the cumulative output gap reaches at least 2% of GDP, and the output gap is at least 1% for at least one year. Recession can be defined as decline of GDP per capita instead of decline of total GDP. A recession encompasses multiple attributes that often occur simultaneously and encompasses declines in component measures of economic activity, such as GDP, including consumption, investment, government spending, and net export activity. These summary measures are indicative of underlying drivers such as employment levels and skills, household savings rates, corporate investment decisions, interest rates, demographics, and government policies (Smith, 2018; Johnson & Thompson, 2020). By examining these factors comprehensively, economists gain insights into
1870-493: A recession including the availability heuristic , the money illusion , and normalcy bias . Excessive levels of indebtedness or the bursting of a real estate or financial asset price bubble can cause what is called a "balance sheet recession". This occurs when large numbers of consumers or corporations pay down debt (i.e., save) rather than spend or invest, which slows the economy. The term balance sheet derives from an accounting identity that holds that assets must always equal
1980-518: A recession, according to the IMF . In the United States , a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP , real income, employment, industrial production, and wholesale-retail sales." The European Union has adopted a similar definition. In the United Kingdom and Canada , a recession
2090-427: A recession. Economist Hyman Minsky also described a "paradox of deleveraging" as financial institutions that have too much leverage (debt relative to equity) cannot all de-leverage simultaneously without significant declines in the value of their assets. In April 2009, U.S. Federal Reserve Vice Chair Janet Yellen discussed these paradoxes: "Once this massive credit crunch hit, it didn't take long before we were in
2200-619: A recession. The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed, we have been in the grips of precisely this adverse feedback loop for more than a year. A process of balance sheet deleveraging has spread to nearly every corner of the economy. Consumers are pulling back on purchases, especially durable goods, to build their savings. Businesses are cancelling planned investments and laying off workers to preserve cash. And financial institutions are shrinking assets to bolster capital and improve their chances of weathering
2310-459: A reliable recession predictor. The curve began re-steepening toward positive territory in June 2024, as it had at other points during that inversion; in every previous inversion they examined; Deutsche Bank analysts found the curve had re-steepened before a recession began. The following variables and indicators are used by economists, like e.g. Paul Krugman or Joseph Stiglitz , to try to predict
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#17328014161082420-592: A rough translation of the bureau's qualitative definition of a recession into a quantitative one that almost anyone can use might run like this: Over the years, some commentators dropped most of Shiskin's "recession-spotting" criteria for the simplistic rule-of-thumb of a decline in real GNI for two consecutive quarters. In the United States , the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER)
2530-415: A self-reinforcing downward cycle, bringing about or worsening a recession. Consumer confidence is one measure used to evaluate economic sentiment. The term animal spirits has been used to describe the psychological factors underlying economic activity. Keynes, in his The General Theory of Employment, Interest and Money , was the first economist to claim that such emotional mindsets significantly affect
2640-487: A site by the Fosse Way in 1988. This discovery and impending commercial development of the site by the landowner, Showerings, led archaeologists to excavate more extensively in the 1990s. The grave belonged to a cemetery containing 17 burials aligned roughly east and west, indicating probable Christian beliefs. Two smaller cemeteries had graves aligned north–south, possibly signifying pagan religious practices. One burial
2750-443: A steering group of the main stakeholders in the town. For centuries there has been a Friday market in the Market Place, but it has declined for some years. In 2010 there was initial interest in attempts to revitalise it, but the stallholder numbers still fell. In recent months a number of suitcase traders have supported the market on a regular basis, which has attracted local interest. The furniture store Haskins, which originated in
2860-535: A stone-lined well. The many artefacts found included local and imported pottery such as Samian ware , items of jewellery such as brooches, rings and bracelets, toilet items including tweezers, ear scoops and nail cleaners, bronze and iron tools, and a lead ingot which probably originated from the Roman lead mines in the Mendip Hills . Coins minted across the Roman empire were also found. The finds indicate occupation from
2970-450: Is Cornhill, on which the former prison stands. Roughly eastwards, Garston Street, also in the valley-bottom, consists of a row of weavers' and other artisans' cottages dating from the 17th century. The eastern end of the area, adjacent to Kilver Street, is now occupied by cider breweries. Across Kilver Street (the A37 ) is Kilver Court , which in the 20th century was a factory, headquarters of
3080-553: Is Hillmead, a council estate of the 1960s. Like much of South West England, Shepton Mallet has a temperate climate wetter and milder than the rest of England. The annual mean temperature is about 10 °C (50 °F) with seasonal and diurnal variation, but due to the modifying effect of the sea, the range is less than in most other parts. January is coldest, with mean minimum between 1 °C (34 °F) and 2 °C (36 °F). July and August are warmest, with mean daily maxima around 21 °C (70 °F). In general December
3190-424: Is a period of broad decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock ). This may be triggered by various events, such as a financial crisis , an external trade shock, an adverse supply shock , the bursting of an economic bubble , or a large-scale anthropogenic or natural disaster (e.g. a pandemic ). There is no official definition of
3300-469: Is defined as negative economic growth for two consecutive quarters. Governments usually respond to recessions by adopting expansionary macroeconomic policies , such as increasing money supply and decreasing interest rates or increasing government spending and decreasing taxation . In a 1974 article by The New York Times , Commissioner of the Bureau of Labor Statistics Julius Shiskin suggested that
3410-520: Is felt locally that Shepton Mallet has been in economic decline for some time. Some 350 manufacturing jobs were lost in the late 1990s and early 21st century. However, the District Council asserts that despite the loss in manufacturing, on which Shepton Mallet historically depended, more jobs in distribution, business services and public administration, health, education, quarrying, construction and hi-tech services have been created, so creating
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3520-421: Is generally seen as the authority for dating US recessions. The NBER, a private economic research organization, defines an economic recession as: "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP , real income , employment, industrial production , and wholesale - retail sales ". The NBER also explains that: "a recession begins when
3630-529: Is in the Museum of Somerset , but analysis by Liverpool University in 2008 using inductively coupled plasma atomic emission spectroscopy showed it was a fake: its silver content dates from the 19th century or later. Excavations in the 1990s confirmed the presence of a linear settlement along the Fosse Way for perhaps a kilometre, with cobbled streets, wooden and stone workshops and houses (some with two storeys) containing hearths and ovens, workshop areas and
3740-522: Is not an official designation" and that instead, "The designation of a recession is the province of a committee of experts at the National Bureau of Economic Research". The European Union, akin to the NBER's methodology, has embraced a definition of recession that integrates GDP alongside a spectrum of macroeconomic indicators, including employment and various other metrics. This approach allows for
3850-627: Is referred to as an economic depression , although some argue that their causes and cures can be different. As an informal shorthand, economists sometimes refer to different recession shapes , such as V-shaped , U-shaped , L-shaped and W-shaped recessions. The type and shape of recessions are distinctive. In the US, v-shaped, or short-and-sharp contractions followed by rapid and sustained recovery, occurred in 1954 and 1990–1991; U-shaped (prolonged slump) in 1974–1975, and W-shaped, or double-dip recessions in 1949 and 1980–1982. Japan's 1993–1994 recession
3960-594: Is the Royal United Hospital in Bath. Devon and Somerset Fire and Rescue Service has retained its fire station adjacent to the ambulance station of South Western Ambulance Service NHS Trust. Avon and Somerset Constabulary closed the town police station in 2014, but reopened it in 2020, next to the Haskins retail park. The town belongs to Somerset East policing district. Shepton Mallet lies in
4070-589: Is the dullest month and June the sunniest. South-west England is favoured, particularly in summer, as the Azores High extends its influence north-eastwards to the UK. Cloud often forms inland, especially near hills, and reduces exposure to sunshine. The average annual sunshine totals around 1600 hours. Rainfall tends to tie in with Atlantic depressions or with convection. In summer, convection caused by solar surface-heating sometimes forms shower clouds and much of
4180-541: The (inverted) yield curve appear to be more useful to predict a recession ahead of time than other variables, no single variable has proven to be an always reliable predictor whether recessions will actually (soon) appear, let alone predicting their sharpness and severity in terms of duration. The longest and deepest Treasury yield curve inversion in history began in July 2022, as the Federal Reserve sharply increased
4290-532: The Battle of Sedgemoor , the Duke fled, spent the night of 6 July at Downside, a mile north of Shepton, and was captured two days later. After the Bloody Assizes , twelve local supporters of Monmouth were hanged and quartered in the market place. In 1699 Edward Strode built almshouses , close to the rectory that his family had built, to house the town's grammar school , which lasted until 1900. In
4400-536: The Duchy of Cornwall in 1536. Charters for markets and fairs were granted in 1235, but revoked in 1260 and 1318 after objections by the Bishop of Wells to the competition it represented to the market in his city. This shows that the town was developing and prospering in the 13th and early 14th centuries. The Black Death struck in 1348, reducing the population to about 300. In the late 14th and early 15th centuries,
4510-597: The English Civil War , the town supported the Parliament side, although Shepton appears largely to have escaped conflict apart from a bloodless confrontation in the market place on 1 August 1642 between Royalists under Sir Ralph Hopton and Parliament led by Colonel William Strode . In 1645 Sir Thomas Fairfax led the New Model Army through the town on the way to capturing Bristol , and in 1646
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4620-546: The River Sheppey , in a valley about 115 m (377 ft) above sea level. The edges of the town lie about 45 m (148 ft) higher. The river has cut a narrow valley, and between Shepton Mallet and the village of Croscombe , to the west, it is bounded by steeply sloping fields and woodland. However, it flows through much of Shepton Mallet itself in underground culverts. It occasionally floods after heavy rain, as on 20 October 2006, and again on 29 May 2008, when
4730-848: The Windsor Hill Marsh biological SSSI, a marshy silted pond with adjacent damp, slightly acidic grassland of interest for its diverse flora, largely due to varied habitats present within a small area. Two species present are rare in Somerset: Flat-sedge ( Blysmus compressus ) and Slender Spike-rush ( Eleocharis uniglumis ). Other marshland plants include Purple Loosestrife , Yellow Flag ( Iris pseudacorus ), Hard Rush ( Juncus inflexus ), Soft Rush ( J. effusus ), Flowering Rush ( Butomus umbellatus ), Devil's-bit Scabious ( Succisa pratensis ), three species of Horsetail Equisetum and seven sedges Carex spp. The centre and older parts of Shepton Mallet are adjacent to
4840-450: The fed funds rate to combat the 2021–2023 inflation surge . Despite widespread predictions by economists and market analysts of an imminent recession, none had materialized by July 2024, economic growth remained steady, and a Reuters survey of economists that month found they expected the economy to continue growing for the next two years. An earlier survey of bond market strategists found a majority no longer believed an inverted curve to be
4950-608: The private sector as it pays down its debt. For example, economist Richard Koo wrote that Japan's "Great Recession" that began in 1990 was a "balance sheet recession". It was triggered by a collapse in land and stock prices, which caused Japanese firms to have negative equity , meaning their assets were worth less than their liabilities. Despite zero interest rates and expansion of the money supply to encourage borrowing, Japanese corporations in aggregate opted to pay down their debts from their own business earnings rather than borrow to invest as firms typically do. Corporate investment,
5060-521: The 17th and 18th centuries thriving wool and cloth industries were powered by the waters of the River Sheppey . There were said to be 50 mills in and around the town in the early 18th century, and a number of fine clothiers' houses survive, particularly in Bowlish, a hamlet on the western edge of Shepton Mallet. Although these industries still employed some 4,000 towards the end of the century, they were beginning to decline. Discontent at mechanisation of
5170-568: The 18th century. It remains noted for cider production. It is the closest town to the Glastonbury Festival and nearby the Royal Bath and West of England Society showground. The name Shepton derives from the Old English scoep and tun , meaning "sheep farm"; the Domesday Book of 1086 records a settlement known as Sceaptun in the hundred of Whitstone . The current spelling is recorded at least as far back as 1496, in
5280-521: The 19th and 20th centuries brewing became one of the major industries. The Anglo-Bavarian Brewery , built in 1864 and still a local landmark, was the first in England to brew lager . At its height, it was exporting 1.8 million bottles a year to Australia , New Zealand , India , South Africa , South America and the West Indies . It closed in 1921. However the town, home of Babycham , is still
5390-765: The A37. Shepton Mallet had railway stations on two lines, both now closed. The first, called Shepton Mallet (High Street) in British railways days, was on the East Somerset Railway branch line from Witham and opened in 1859. It was extended to Wells in 1862 and later connected to the Cheddar Valley line branch of the Bristol & Exeter Railway from Yatton to Wells via Cheddar . Through services between Yatton and Witham started in 1870. The line
5500-579: The Anglo-Bavarian Brewery also provided the services of its fire brigade to the town (and the wider surrounding area) between 1868 and 1921. The brewery fire brigade were called upon many times, most notably in 1904 for a fire at Shepton Mallet Prison . The reasons for the decline of the Anglo-Bavarian Brewery are various. Amongst them is anti-German feeling following the outbreak of the First World War in 1914. The inclusion of
5610-666: The MP has been Tessa Munt of the Liberal Democrats. Before Brexit , the town was in the South West England European Parliamentary constituency , electing six MEPs . There are two medical surgeries in Shepton Mallet, a National Health Service community hospital formerly operated by Somerset Primary Care Trust , and an independent sector treatment centre , which carries out certain surgical procedures. The nearest general hospital
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#17328014161085720-651: The National Adventure Sports Show, fairs and markets including Shepton Mallet International Antiques & Collectors' Fair, and exhibitions and trade shows such as the National Amateur Gardening Show . Until recently, Royal Bath and West Show hosted the Soul Survivor Christian festivals. The A37 runs north–south through Shepton Mallet along the line of the Fosse Way between the south of
5830-677: The Windsor Hill railway tunnels and a viaduct, – remnants of the Somerset and Dorset Joint Railway . The East Mendip Way long-distance path passes round the northern edge of Shepton Mallet and through Ham Woods. South-west of the town is the Friar's Oven SSSI, site of herb-rich calcareous grassland classified as the Upright Brome ( Bromus erectus ) type , and north-east is the Windsor Hill Quarry geological SSSI and
5940-577: The annual precipitation falls as showers and thunderstorms at that time of year. Average rainfall is 800–900 mm (31–35 in). About 8–15 days of snowfall is typical. November to March have the highest mean wind speeds, June to August the lightest. The prevailing wind is from the south-west. In the 2001 census the population was 8,981: 4,482 (49.9%) male and 4,499 (50.1%) female, with 1,976 (22%) aged 16 or below, 5,781 (64.4%) between 16 and 65, and 1,224 (13.6%) 65 or over. Of those aged 16–74, 4,200 (66%) were employed and only 224 (3.5%) unemployed,
6050-644: The beer brewed at the Anglo-Bavarian was sold throughout England and the Channel Islands by 250 agents. However the brewery’s main area of sales was export. Beginning in 1875, beer was transported to a bottler in London, from where it was shipped to Australia , New Zealand , India , South Africa , South America and the West Indies . Overseas sales were in the order of 1.8 million bottles per year. As well as providing employment to Shepton Mallet,
6160-550: The brewery was employing only a few men and the Garton Company which still owned the Anglo Brewery was reviewing its business interests. In April 1921 all of the machinery, plant and other fittings of the brewery were put up for sale by auction, from the office furniture to the one remaining cart horse named Darling. In August of that year the brewery site itself, and all of the brewery’s lands including Bowlish House,
6270-561: The buildings began their new life as the Anglo Trading Estate, providing warehousing and distribution to a range of expanding local businesses such as Clarks the shoe-makers. The Air Ministry returned the remainder of the site in 1964. Ownership of the Trading Estate later passed to J H Haskins & Son Ltd , owners of the prominent furniture store in Shepton Mallet. In March 2008, they published plans to redevelop
6380-645: The church organ was apparently destroyed by Cromwellian soldiers. During the Monmouth Rebellion of 1685, the Duke of Monmouth was welcomed when he passed through Shepton Mallet to stay at Longbridge House in Cowl Street on the night of 23 June, with his men quartered around the town, before setting out for Bristol next day. Many Shepton men joined the cause, but Monmouth failed to take Bath or Bristol and had to return to Shepton on 30 June. After
6490-480: The complex dynamics that contribute to economic downturns and can formulate effective strategies for mitigating their impact (Anderson, 2019; Patel, 2017). Economist Richard C. Koo wrote that under ideal conditions, a country's economy should have the household sector as net savers and the corporate sector as net borrowers, with the government budget nearly balanced and net exports near zero. A severe (GDP down by 10%) or prolonged (three or four years) recession
6600-410: The current storm. Once again, Minsky understood this dynamic. He spoke of the paradox of deleveraging, in which precautions that may be smart for individuals and firms—and indeed essential to return the economy to a normal state—nevertheless magnify the distress of the economy as a whole." There are many reasons why recessions happen. One overall reason can be lack of demand due to sharp developments in
6710-510: The decline in property values experienced during the subprime mortgage crisis. Further, reduced consumption due to higher household leverage can account for a significant decline in employment levels. Policies that help reduce mortgage debt or household leverage could therefore have stimulative effects (Smith & Johnson, 2012). A liquidity trap is a Keynesian theory that a situation can develop in which interest rates reach near zero ( zero interest-rate policy ) yet do not effectively stimulate
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#17328014161086820-476: The east, separated from the Market Place by the Academy complex, is the parish church of St Peter and St Paul . Lower Lane, under Waterloo Bridge along the bottom of the river valley to the north of the town centre, is one of the few parts where the River Sheppey runs above ground. At the eastern end is Leg Square, surrounded by three large houses originally built by owners of some of the town's mills. Close by
6930-486: The economy reaches a peak of activity and ends when the economy reaches its through." The NBER is considered the official arbiter of recession start and end dates for the United States. The Bureau of Economic Analysis , an independent federal agency that provides official macroeconomic and industry statistics, says "the often-cited identification of a recession with two consecutive quarters of negative GDP growth
7040-442: The economy. Economist Robert J. Shiller wrote that the term "refers also to the sense of trust we have in each other, our sense of fairness in economic dealings, and our sense of the extent of corruption and bad faith. When animal spirits are on ebb, consumers do not want to spend and businesses do not want to make capital expenditures or hire people." Behavioral economics has also explained many psychological biases that may trigger
7150-475: The economy. In theory, near-zero interest rates should encourage firms and consumers to borrow and spend. However, if too many individuals or corporations focus on saving or paying down debt rather than spending, lower interest rates have less effect on investment and consumption behavior; increasing the money supply is like " pushing on a string ". Economist Paul Krugman described the U.S. 2009 recession and Japan's lost decade as liquidity traps. One remedy to
7260-461: The edge of the town is Charlton House, a luxury hotel and spa. On the south side of the town is a triangle of land bounded on the east by the A37 , on the north by the former East Somerset Railway , and on the west by Cannard's Grave Road: Tadley Acres is a modern housing development built on land partly belonging to the Duchy of Cornwall . The development has been praised for its design quality and use of local, natural building materials. North of
7370-457: The erosive action of water beneath the water-table at considerable pressure (" phreatic " development), but as the water table has fallen, many now lie well above it and the system contains a variety of cave formations ( stalagmites , stalactites and calcite curtains) which in extent and preservation are among the best in Britain. Shatter Cave and Withyhill Cave are generally seen to be among
7480-640: The estate reverted to the Crown and was then granted to Sir John de Tiptoft. It was again confiscated from his son by Henry VI during the Wars of the Roses , when the family sided with Edward IV , but restored to Sir John's grandson, Edward Tiptoft, when Edward IV regained the throne. He died without issue, and there followed a succession of grants and reversions until Glastonbury Abbey was dissolved by Henry VIII , and its lands, including Shepton Mallet, were granted to
7590-480: The finest decorated caves in Britain in terms of sheer abundance of pure white and translucent calcite deposits. Small numbers of greater horseshoe bat ( Rhinolophus ferrumequinum ), lesser horseshoe bat ( R. hipposideros ) and Natterer's bat ( Myotis nattereri ) hibernate in the cave system. An area of nationally rare species-rich, unimproved calcareous grassland of the Sheep's-fescue-Meadow Oat-grass type lies in
7700-631: The first part of the 20th: 5,104 in 1801 and 5,117 in 1851, then 5,446 by 1901, falling back to 5,260 in 1951. By 2001, it had grown again to 8,981. Shepton Mallet is in the unitary authority area of Somerset Council . Prior to April 2023, it was the principal town in the Mendip local government district , which governed together with Somerset County Council . In the 80 years up to 1974, it lay in Shepton Mallet Urban District . The civil parish of Shepton Mallet has adopted
7810-558: The following are considered possible predictors: Manufacturing: Industrial Production: Chemical Activity: Transportation: Corporate Profits: Employment: Personal Income: Household Savings and Consumer Debt: Retail Sales, Consumer Confidence and Consumer Expenditures: Housing and non-residential construction: Credit Markets: Business Expectations: Margin of stock market traders: Asset Prices: Gross Domestic Product: Unorthodox Recession Indicators: Overview of recession indicators: Sahm Recession Indicator signals
7920-449: The following categories: Economic factors: Financial factors: External shocks Summary: Why recessions happen is a complex phenomena often resulting from a interplay of various factors. While these factors can individually contribute to a recession, the cumulative impact of several occurring simultaneously can significantly amplify the negative effect on the economy. Recessions are very challenging to predict. While some variables like
8030-585: The former railway is Collett Park. Across Cannard's Grave Road from Tadley Acres is the Mid-Somerset Showground . Just to the south-west of the town centre, on a site which at the start of the 20th century had been the grounds of the former Summerleaze House and then a shoe factory, is the Townsend Retail Park, built in 2006–2007. West Shepton, the south-west corner of town, contains the former Shepton Mallet Union Workhouse ,
8140-489: The late 1st or early 2nd centuries to the late 4th or early 5th centuries. As no public buildings were found, the settlement was probably not a town. Evidence of Saxon settlement includes some Saxon stonework in the parish church of St Peter and St Paul . A charter of King Ine of Wessex , from 706, witnessed by nine bishops including the Archbishop of Canterbury , records that the area where Shepton Mallet now stands
8250-588: The late Neolithic period. Two barrows on Barren Down, to the north of the town centre, contained cremation burials from the Bronze Age ; another Bronze Age burial site contained a skeleton and some pottery. The remains of Iron Age roundhouses and artefacts such as quernstones and beads were found at Cannard's Grave , as was a probable Iron Age farming settlement at Field Farm. Nearby countryside provides evidence of Iron Age cave dwellings in Ham Woods to
8360-618: The lighter beers brewed upon the Bavarian lines" which, it has been claimed, supports the belief that the Anglo-Bavarian was brewing a form of lager. However Barnard's account of his own visit to the brewery only mentions "running" ale (for immediate consumption) and "stock ale", and newspaper advertisements for the Anglo-Bavarian Brewery Company in the mid-1870s show it brewing pale ale, mild ale, strong ale, porter, stout and amber ale, but not lager. The brewery site
8470-664: The mills resulted in the deaths of two men in a riot in the town in 1775. This apparently discouraged mill-owners from modernising further. The decision resulted in Shepton's cloth trade losing out to the steam-powered mills in the north of England in the early 19th century. The manufacture of silk and crepe revived the town's fortunes somewhat, and Shepton's mills made the silk used in Queen Victoria 's wedding dress. However, these industries also died out eventually. While wool, cloth and silk declined, other industries grew. In
8580-458: The north-west, and several burial mounds at Beacon Hill, a short distance to the north. Shepton Mallet is about halfway between the Roman towns of Bath and Ilchester on the Fosse Way . Although there are no visible remains apart from the line of the Roman road , there is archaeological evidence for early military and later civilian settlement lasting into the 5th century. Domed pottery kilns , with pottery still present, were identified on
8690-541: The population and economy were boosted by craftsmen and merchants arriving from France and the Low Countries , who were escaping wars and religious persecution. They introduced cloth-making, which together with the local wool trade , became a major industry in Shepton and other Somerset and Wiltshire towns. Wool became such a source of riches that when Henry VII needed money to fight the Scots in 1496, he called on
8800-507: The possibility of a recession: Except for the above, there are no known completely reliable predictors. Analysis by Prakash Loungani of the International Monetary Fund found that only two of the sixty recessions around the world during the 1990s had been predicted by a consensus of economists one year earlier, while there were zero consensus predictions one year earlier for the 49 recessions during 2009. However,
8910-419: The prices of the inputs used in producing goods and services. Another main reason can be problems e.g. in financial markets. Because recessions have many likely explanations, it is demanding to predict them. Some variables might at first glance be the causes of recessions, but they could also be the results of a recession, which means they are endogenous to recessions. One can summarize the causes of recessions in
9020-484: The private sector savings curve is elastic even during a balance sheet recession (responsive to changes in real interest rates), disagreeing with Koo's view that it is inelastic (non-responsive to changes in real interest rates). A July 2012 survey of balance sheet recession research reported that consumer demand and employment are affected by household leverage levels. Both durable and non-durable goods consumption declined as households moved from low to high leverage with
9130-486: The rainfall was too heavy for the culverts. Some houses round Leg Square, Lower Lane and Draycott Road were submerged to a depth of 1 metre (3 ft 3 in). A study by the Environment Agency identified that the current standard of flood protection in these parts of the town is insufficient, as it was of a 5–10-year event-standard, whereas current guidelines require protection of a 50–200-year standard. In
9240-464: The rest being economically inactive. About 69% of the employed were in service industries, the rest in manufacturing, while 1,459 people had managerial or professional occupations, 522 were self-employed, and 1,888 worked in routine and semi-routine occupations. Some 3,714 dwellings were recorded, of which 2,621 (70.6%) were owner-occupied, 515 (13.9%) rented privately and 578 (15.6%) from social landlords; 3,688 (99.3%) heads of households were white. It
9350-483: The site of the Anglo-Bavarian Brewery in the mid-19th century, suggesting military activity in the 1st and 2nd centuries. Several hoards of Roman coins ranging from the 1st to 4th centuries have been found and more than 300 fibula brooches , potsherds and other artefacts. A few isolated burials near the Fosse Way were found in the 19th century. A lead coffin in a rock-cut grave was discovered at
9460-666: The site to include a hotel and conference facilities, as well as shops, offices, pubs, cafes, restaurants, a recording studio and housing. It is used for the production of Brothers Cider . It is included in the Heritage at Risk Register produced by English Heritage . Shepton Mallet Shepton Mallet is a market town and civil parish in Somerset , England, some 16 miles (26 kilometres) southwest of Bath , 18 miles (29 kilometres) south of Bristol and five miles (eight point zero kilometres) east of Wells . It had an estimated population of 10,810 in 2019. Mendip District Council
9570-585: The site to try to block the felling of an avenue dating back to the 19th century. It also split opinion in the town between those awaiting revitalisation and those who feared that local traders would fail to compete, bringing further High Street decline. Kilver Street has a Mulberry Factory Shop near the old Mulberry headquarters. Shepton Mallet housed three major alcoholic drinks producers. Gaymer Cider Company closed in 2016. Constellation Brands , former owners of Gaymers, still produces Babycham . Family-run Brothers Drinks produces Brothers Cider and runs
9680-614: The southern foothills of the Mendip Hills . The area rests geologically on Forest Marble , Blue Lias and Oolitic limestone . To the north of the town are several caves of the Mendip Hills , including Thrupe Lane Swallet , a geological Site of Special Scientific Interest (SSSI), and the St. Dunstan's Well Catchment , a cave system with a series of spectacularly-decorated caves totalling about 4 miles (6.4 km) of mapped passage. The caves at Fairy Cave Quarry were formed mainly by
9790-521: The style of a town. It has a town council of 16 members, split equally between the two wards: Shepton East and Shepton West. The most recent elections, in May 2015, left the council made up of five Conservatives, five Liberal Democrats , three Labour Party members and three independents. Shepton Mallet falls within the Wells and Mendip Hills parliamentary constituency . Since the general election on 4 July 2024
9900-556: The sum of liabilities plus equity. If asset prices fall below the value of the debt incurred to purchase them, then the equity must be negative, meaning the consumer or corporation is insolvent. Economist Paul Krugman wrote in 2014 that "the best working hypothesis seems to be that the financial crisis was only one manifestation of a broader problem of excessive debt—that it was a so-called "balance sheet recession". In Krugman's view, such crises require debt reduction strategies combined with higher government spending to offset declines from
10010-494: The summer of 2010, the Agency began constructing a flood alleviation scheme at a cost of about £1.3 million. Shepton Mallet has distinct areas that originated as separate communities around the central point of the church and Market Place. The town centre consists of two streets: High Street, running south from the Market Place towards the Townsend Retail Park, and the pedestrianised Town Street running north to Waterloo Bridge. To
10120-519: The time of the Domesday survey in 1086. When Corcella died, sometime before or around 1100, the land passed to the Malets , a Norman family whose name was added to that of the settlement (and another of their holdings, Curi – now Curry Mallet ). The Malets retained the estate until the reign of King John , when on the death of William Malet ( fl. 1192–1215) and the payment by his sons-in-law of
10230-553: The town and Ilchester . The A361 from Frome and Trowbridge skirts the eastern edge of Shepton on its way to Glastonbury and Taunton . The A371 from Castle Cary passes through on its way west to Wells ; for some distance, both routes follow the line of the A37. The nearest motorway connections are at junction 23 of the M5 motorway via the A361 and A39 and at junction 1 of the M32 via
10340-568: The town in 1938, has its main showroom in the High Street Haskins Retail Centre. This includes other shops: a supermarket, Edinburgh Woollen Mill , Ponden Home, Pavers Shoes and an outlet clothing store. Retail jobs rose in 2006–2007 with a new shopping development, including a Tesco supermarket, a clothes store and other retailers on a site just south of the town centre, once held by a footwear factory. This attracted national media attention when protesters occupied
10450-475: The water supply. Below these were the malting floors, supplied via wooden shoots, and kilns, one of which was measured as being 50 feet (15 m) by 14 feet (4.3 m). In 1871, the business was sold by auction to Hill, Garton and Company of Southampton , who subsequently expanded and modernised it. In 1872 the Pale Ale Brewery was renamed the Anglo-Bavarian Brewery. It has been asserted that this
10560-419: The wool merchants of Shepton to contribute £10. To our trusty and wellbeloved John Calycote of Shepton Malet... ...because as we here ye be a man of good substaunce—we desire and pray you to makelone vnto us of the som of ten poundes whereof ye shal be vndoubtedly and assuredly repayd in our Receipt at the fest of Seynt Andrewe next coming... In 1675, a House of Correction was set up in Shepton Mallet. In
10670-445: The word Bavarian on the label of the brewery's bottles led to them being removed from shop shelves throughout the United Kingdom and overseas. The Brewery and its beer were quickly renamed as Anglo but this did not have much effect and trade rapidly declined. The post-war recession and the rise of the temperance movement also helped to damage the chances of the Shepton Mallet brewery returning to its earlier levels of success. By 1920
10780-421: The world's GDP were caught in a liquidity trap. Behavior that may be optimal for an individual (e.g., saving more during adverse economic conditions) can be detrimental if too many individuals pursue the same behavior, as ultimately, one person's consumption is another person's income. Too many consumers attempting to save (or pay down debt) simultaneously is called the paradox of thrift and can cause or deepen
10890-489: Was U-shaped and its 8-out-of-9 quarters of contraction in 1997–1999 can be described as L-shaped. Korea , Hong Kong and South-east Asia experienced U-shaped recessions in 1997–1998, although Thailand 's eight consecutive quarters of decline should be termed L-shaped. Recessions have psychological and confidence aspects. For example, if companies expect economic activity to slow, they may reduce employment levels and save money rather than invest. Such expectations can create
11000-510: Was absorbed into the Great Western Railway in the 1870s. A second, Shepton Mallet (Charlton Road) railway station , opened in 1874 with the building of a Bath extension to the Somerset & Dorset Joint Railway . This station was some distance east of the town centre and approached over Charlton Viaduct. Recession Heterodox In economics , a recession is a business cycle contraction that occurs when there
11110-402: Was also put up for auction. The brewery buildings were again put up for sale in 1926, this time for demolition purposes. However, there was little interest and the site remained intact. In 1927 the site was bought by a Mr Bennett who began to install new machinery, and by 1934 a new Anglo-Bavarian Brewery company was registered to once again carry on beer and cider production. The word Bavarian
11220-435: Was based there. The Mendip Hills lie to the north and the River Sheppey runs through the town, as does the route of the Fosse Way , the main Roman road between north-east and south-west England. There is evidence of Roman settlement. Its listed buildings include a medieval parish church. Shepton Mallet Prison was England's oldest, but closed in March 2013. The medieval wool trade gave way to trades such as brewing in
11330-663: Was built, in 1864, for Morrice, Cox and Clarke of London , and was initially called the Shepton Mallet Pale Ale Brewery. During the construction work on the site, pottery kilns used to make Severn Valley Ware, dating from the 1st to 2nd century were discovered. The limestone four-storey building was built in Italianate architecture, has five-storey towers at either side. The top floors, each 200 feet (61 m) long held barley and malt stores in six bins, each of which held 450 quarters and tanks for
11440-707: Was dropped again as the outbreak of the Second World War approached and in 1939 the brewery site (and all the machinery) was requisitioned by the Air Ministry . Cider production was transferred to a site in Darshill under the name of the Anglo Apple Mills. After the War, half the site was restored to the Bennett family, but again without any machinery which had been removed to aid the war effort. In April 1947
11550-470: Was in a substantial stone coffin positioned beneath a mausoleum , whose foundations remained. One find in the Fosse Way burials was a Chi-Rho amulet , thought then to be from the 5th century and considered among the earliest clear evidence of Christianity in England . A copy was presented to the Archbishop of Canterbury , George Carey , by the churches of the Diocese of Bath and Wells . The amulet
11660-583: Was in reference to the employment, by the new owners, of some brewers from Bavaria in order to produce a German -style beer , and that what is now called lager was brewed from that year. The writer Alfred Barnard, who visited the brewery in 1890, refers to a report from the British Commission on Beers which describes a beer from the Anglo-Bavarian brewery exhibited in Vienna as "combining the special properties of high class English Ales, with those of
11770-438: Was ineffective because there was limited demand for funds while firms paid down their liabilities. In a balance sheet recession, GDP declines by the amount of debt repayment and un-borrowed individual savings, leaving government stimulus spending as the primary remedy. Krugman discussed the balance sheet recession concept in 2010, agreeing with Koo's situation assessment and view that sustained deficit spending when faced with
11880-420: Was lit throughout by electricity by 1889, generated by a dynamo powered by a steam engine , allowing work to continue at night. In 1890 the brewery employed over 200 people (compared with about 50 in the early 1870s). There was no natural source of water on the brewery site and so water was supplied by the local water company. This was sufficient for a while but by the end of 19th century an additional source
11990-612: Was passed to Abbot Berwald of Glastonbury Abbey . According to some legends Indract of Glastonbury was buried in Shepton. The town was in the Whitstone Hundred ; the hundred courts were held at Cannard's Grave, just south of the town. The Exeter Domesday Book records that on the death of Edward the Confessor in 1066, the site was held (probably by lease from the Abbey) by one Uluert, and then by Roger de Corcella at
12100-404: Was required. A spring was discovered at Bowlish which proved able to provide seemingly unlimited supplies of very pure water. Disposal of the effluents produced by the brewery were also a major problem and pollution of the River Sheppey was a source of much discontent amongst land owners further down the valley from 1877 until the closure of the brewery in 1921. In 1890 it was reported that
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