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Mervyn King calls UK into recession

Mervyn King, the governor of the Bank of England, has joined the chorus of experts suggesting that the UK is on the verge of a long drawn out recession with further pain seemingly inevitable. This is the first time that King has been quoted in some weeks now and he was under pressure to add his considerable voice to the discussion. So what next?

While just a few weeks ago it seemed likely that interest rates would stay steady for some time, the fact that King is affectively calling a recession in the UK means that we should expect short term interest rate reductions and they could be fairly deep cuts.

All of the hope and wishful thinking is slowly seeping out of the markets and while there is relief that the money markets are now back into some kind of shape that does not help us avoid the seemingly inevitable recession we are edging ever closer towards. The government must be cursing their luck that after such a well stage managed worldwide rescue package they now have to come back home to falling markets, downbeat comments from the Bank of England and more doom and gloom with another by-election pending.

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