The recession will be even more severe than thought

February 11, 2009 1:30pm

This article is a must-read.

The Bank of England inflation report predicts that GDP will by the second quarter be down by 4 per cent on the same time last year. The “lower end” of its expectations is a drop of 6 per cent.

This is far, far worse than anything envisaged as recently as the pre-budget report. Along with the Crosby resignation it adds up to a seriously bad day for the government.