Bank Downbeat on Recovery

The Bank of England says the UK has some way to go before recovering from the financial crisis, and that any recovery in 2010 will be “fragile”.

This is contrary to the government’s insistence that there will be a sharp rebound in 2010 – not so, according to the Bank’s Governor Maervyn King.

This morning’s unemployment figures showed an increase to 2.44m – the highest level since 1995.

Unsurprisingly, the Pound has not reacted well this morning, losing nearly a cent against both the Euro and US Dollar.

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