Worst of downturn over but more pain expected - MPC

David Miles, the latest economist to join the committee, told the Treasury select committee the dire plunge in GDP in Q1 2009 will probably not be repeated, while house prices may not have much further to fall, The Guardian says. However, millions of people will see their wages frozen or cut as companies fight for survival in the recession, he says. "The prospect of a rapid return to growth does not seem a highly probable outcome, but there are reasons for thinking the period of the most rapid declines in output is behind us," says Miles. He predicts the UK will return to growth of...