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Page last updated at 11:17 GMT, Wednesday, 10 February 2010

King: Economy 'bumping along the bottom'

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The governor of the Bank of England, Mervyn King, has said that the UK economy has continued to "bump along the bottom", although he held out hopes for a "gradual recovery" in output.

His comments came as the Bank's latest inflation report reported that the UK's crawl out of recession last year was weaker than hoped. It also lowered November forecasts for the pace of the recovery.

Today's report predicts that inflation will spike at around 3.5% early this year, triggering another open letter to Chancellor Alistair Darling, before falling back below the Bank's 2% target.

SEE ALSO

Mervyn King renews deficit warning(01.15)
King backs radical banking reform(01.24)

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