The Bank of England warned on Wednesday that the UK’s recovery from its worst recession in decades is likely to be slow.
By Angela Monaghan
Mervyn King, the Bank’s governor, played down evidence that “green shoots” are starting to appear in some areas of the economy, and said it was impossible to say when recovery would come, or how sustainable it would be.
“The economy will eventually heal, but the process may be slow,” he said at a press conference as the Bank published its latest quarterly Inflation Report.
In its central projection, the Bank’s Monetary Policy Committee (MPC) predicts the economy will start to grow again next year, in contrast to the Chancellor’s forecast that the economy will start growing by the end of this year.