The chief economist of PwC said the Bank of England's prediction of no GDP growth this year is historic.
It seems likely that we have entered a 'new normal' period where growth will be relatively subdued by historic standards for some years to come as the banking system remains impaired and global commodity prices remain relatively high and volatile.
On the brighter side, inflation looks set to fall back to target over the next year, which should ease the squeeze on consumer finances. We would therefore expect the MPC to sit on its hands until at least November before considering any further changes in monetary policy.
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.