The Bank of England said today the recession had probably bottomed out, but warned that any recovery would be hampered by the ongoing reluctance of banks to lend to consumers and businesses.
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 should be a greater level of "productive overlap" between the Bank of England and FSA on financial supervision, according to a Government report on regulatory reform.
Interest rates have been kept on hold at 0.5% by the Bank of England today.
The Bank of England has kept interest rates at 0.5% today after six months of consecutive cuts.
The Bank of England's Monetary Policy Committee (MPC) voted unanimously both to cut Bank base rate by 50 basis points in March and to support the bank's asset purchase scheme.
The Bank of England has begun a £2bn auction to buy gilts from investment institutions.
The Association of British Insurers (ABI) says a Conservative Party review which examines the possibility of abolishing the FSA "deserves serious consideration".
The Bank of England has cut interest rates for the sixth consecutive month today, reaching a new record low of just 0.5%.
As the housing market continues to struggle and the Bank of England Base Rate remains historically low, Matthew Wyles asks how long it will take for the economy to recuperate following these testing times.