The Bank of England slashed its outlook for British economic growth to zero for this year, as euro zone "storm clouds" cast a long shadow and scars from the world's financial crisis appear deeper than previously thought.
Governor Mervyn King said there was no urgent need to print more money, and even less of a case to cut interest rates, but in a marked contrast to the past, he warned that the economy would grow at sub-par speed for at least the next three years.
Source: Sydney Morning Herald. Read full article. (link)