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The Bank of England (BOE) has sharply cut its growth forecasts for the United Kingdom and warned the road to recovery will be longer and harder than previously thought.
Economic growth will contract by 4.5 per cent in 2008, the Bank said in its inflation report yesterday, compared to its 3 per cent contraction forecast just three months ago.
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While BOE governor Mervyn King said the worst of the recession was over, any recovery would be “relatively slow and protracted”, The Times Online reported.
“Now the economy requires a period of healing. That will take time,” Mr King said. “The economy will eventually heal but the process may be slow.”
