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Britain growth forecast zero

The Governor of the Bank of England Sir Mervyn King says the economy has reached a point where it is virtually flatlining. He downgraded his growth forecast for this year to around zero. Britain's economy, in other words, is grinding to a halt.

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King: 'We will get back to growth, but it is quite impossible' to know when

ITV Business editor Laura Kuenssberg asked the Governor of the Bank of England Sir Mervyn King should the public accept that the recovery was not going to take hold and get used to being poorer.

He said the UK will get back to the same levels of growth experienced before the crisis, but that it was "quite impossible to know over what time period."

King also said that it was important to bear in mind that although the crisis started five years ago, the policy measures taken at the time meant that the impact on spending was reduced. This is no longer the case.

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