Bank of England: recession was deeper than feared and recovery will be slow

Telegraph
"In its widely watched Inflation Report, the Bank's Monetary Policy Committee said that the recession 'appeared deeper than previously estimated'. ...The unprecedented programme of QE has been criticised by some for storing up future inflation, but new forecasts from the Bank suggest it does not believe inflation poses any imminent threat. Mr King said that the Bank's preferred measure of inflation, which it uses to set the level of interest rates, could slow below 1pc this year."