King presents gloomy outlook

The Bank of England has revised its forecast for growth in the British down sharply and says the recovery will depend "to a significant extent on developments in the rest of the world where a severe economic downturn has taken hold."

King's comments came as the Bank unveiled its latest Inflation Report. In the press conference accompanying the release, King said the British economy "is in deep recession."

However, he strongly refuted suggestions that, with interest rates seemingly heading towar

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