King: Little chance of UK recession
Presenting the Bank's latest inflation report, Mervyn King, its deputy governor, put the chances of recession at only one in 10.
"The important big picture is that the UK has withstood the slowdown that hit the rest of the world economy. Of course we have been affected but that's been less marked in the UK than elsewhere." He said in the report. Most likely for King was that the UK's growth rate would only dip below the UK's long term average of 2.25%.
However the report did not comment
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