UK recovery has 'only just started'

Nov 11 2009

Bank of England governor Mervyn King said the UK economy has "only just started" along the road to recovery.

In a gloomy forecast, the governor said repairing the damage of the recession would not be achieved "in a few quarters" after an "extremely painful" year for most economies around the world.

The Bank's quarterly inflation report said the strength of the recovery was highly uncertain and forecast that "bank lending will probably remain weak over the next three years".

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