The Chancellor George Osborne said the Governor of the Bank of England is "right on the big picture" in his growth forecasts for 2012. He insisted the economy is "healing" but said it was a "slow and difficult process" that involves "deep rooted problems at home" as well as as from abroad.
ITV News has been asking people on Twitter to share their experiences on how the economic crisis has affected them in the last five years.
The Bank of England has slashed growth forecasts from 0.8% to 0% and has admitted the road to recovery will be long and slow.
In a couple of hours time Sir Mervyn King, or "Mr Governor," will have some grim news for the economy.