Recession will be the worst in modern history, Bank of England confirms

Britain is facing the steepest recession in modern history, Mervyn King, the Bank of England Governor, declared as it laid bare the full extent of the damage wrought by the financial crisis.

By Edmund Conway and Harry Wallop
Published: 9:55PM BST 12 Aug 2009

The economy will take longer to recover from this recession than it did in previous economic slumps and it will take “several yearsâ€