The governor of
the Bank of England, Mervyn King, has warned that the UK is facing a deep
recession in 2009 and said that further monetary action may be necessary.


In its latest
forecast for economic growth and inflation, the Bank says that the UK economy
will decline sharply in the first half of the year.

And it says that
there is a significant risk that the recession will be even longer and deeper
than expected.

The length and
depth of the recession will depend "to a significant extent" on the rest of the
world, Mr King added.

The slowdown could
be deeper if "the authorities at home and abroad are only partially successful
in improving the availability of credit and restoring business and consumer
confidence."

It also said that
inflation would remain below its 2% target by the end of its two-year forecast
period

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