Bank of England sees zero growth

Mervyn King, the Governor of the Bank of England, has revised the Bank's estimated for growth in the UK down to zero, from a fairly low figure of 0.8%, highlighting the depth of the current double dip recession, that was initially thought to be a two quarter shallow event.

A fairly gloomy outlook was outlined in his report, which dashed further hopes of a rate cut from 0.50% to 0.25%, which he said would make no difference to the current UK financial predicament. 

In other times, this forecast from such a central figure as far as the UK economy goes, could cause a rush out of the pound and maybe the UK stock market but it is is not viewed by international investors as a scenario that is specific to the UK and has not caused a ripple in markets, where the UK has still managed to retain a "safe haven" status, when compared to other Eurozone regions.