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BoE expects slow economic recovery

13th May 2009, 11:21 am BoE expects slow economic recovery

The Bank of England issued it inflation report today, saying it expects the economic recovery in the UK to be slow and protracted, and that it will not begin to grow again until the middle of 2010.

It had earlier indicated that the recovery would start later this year.

Governor Mervyn King said: "There are pretty solid reasons for supposing that there will be a recovery next year, but also pretty solid reasons for questioning if that will be sustained,” adding the timing and strength of the recovery was "highly uncertain".

King said he saw some reasons for optimism and the pace of economic decline had moderated.  However, problems in the banking sector had not yet been fully resolved.

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