The central bank said Britain’s downturn appeared to have been deeper than previously thought and, while the trough in output was near and some recovery was on the way, tight credit conditions would remain a considerable drag.
This shocked investors who had been starting to take brighter view of the British economy, especially after recent economic data suggested the year-long, recession may have ended in the third quarter.
Published 06 August 2009, 15:52 IST