King warns of economic downturn
Updated on 13 February 2008
Mervyn King has a downbeat assessment of the British economy in his quarterly inflation report.
The governor indicated a significant shift in economic prospects. He said the years of cheap credit and ever rising imports are coming to an end and it's not up to the Bank of England to stop that happening.
In other words, don't expect drastic interest rates cuts to help bail you out.
