King cautious on recovery


Mervyn King, the governor of the Bank of England, on Tuesday cautioned against over-optimism, warning growth was likely to remain below par in the coming years.

The governor acknowledged growth had likely resumed over the past three months, but told lawmakers at a Treasury Select Committee hearing that returning to pre-crisis levels would be "slow and protracted".

King warned that the need to build up buffers, coupled with likely loan losses from below-trend growth, would lead banks to have to u

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