The International Monetary Fund has slashed its forecast for the UK economy's growth, it predicts it will shrink by 0.4% this year.
In July, growth of 0.2% was forecast for the year.
The IMF also cut its forecast for next year from 1.4% to 1.1%.
Sir Mervyn King will concede there might be occasions when the Bank of England should 'aim off' the 2% inflation target.
It is the kind of message we have heard from the IMF before - think about having a Plan B ready, but don't press the button yet.