Bank of England Utters the R-Word

Governor Mervyn King had purposely avoided mentioning "recession," but now concedes that one seems likely due to the financial sector's woes

The Governor of the Bank of England, Mervyn King, has for the first time conceded that the economy is "likely" to slide into recession this year. Mr King has previously studiously avoided uttering the "R-word", but he told business leaders in Leeds last night that "it now seems likely that the UK economy is entering a recession."

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