The UK, the Euro area and the European Union as a whole all entered 2009 in recession.
There is a possibility that this recession will be the deepest and longest lasting since the
Great Depression. We expect negative growth to continue in the UK for several more
quarters at least, although how long it does so will depend on the effectiveness of the
various fiscal and monetary stimuli, including 400 basis points of cuts in interest rates
that have been undertaken recently