The Bank of England has delivered a more gloomy prognosis for the UK economy, saying it is unlikely to grow again until the middle of next year.
"There are pretty solid reasons for supposing that there will be a recovery next year, but also pretty solid reasons for questioning if that will be sustained," King says.
However, he says there are some reasons for optimism and the pace of economic decline had moderated. Government plans to stimulate the economy and the weak pound will also help although he says problems in the banking sector have not been fully resolved.
View from the front row
Project Libra unveiled
Including SJP and investment trusts
Spent two years at Sanlam
Will also assess FCA's actions