UK entered recession in July - King

In it quarterly inflation report, the Bank says the downward revision in its inflation outlook is the largest in a single quarter since the Monetary Policy Committee (MPC) was set up. It now predicts inflation will fall to 1% by 2010, way below its 2% target, pointing out the economic landscape “has changed” since its last report in August. "There has been a marked deterioration in the outlook for domestic and global economic activity,” the report reads. “Instability in banking and financial markets intensified to levels not seen for almost a century. “And, in the United Kingdom, offi...