Mervyn King, the Governor of the Bank of England, sees growth in the UK deteriorating, with GDP expectations this year coming in at 1% , down from 1.5% and in 2012, the estimate of 2.2% has been lowered to  1.5%.

The inability of Eurozone leaders to deal with the current financial crisis swiftly and finally, will impact on the UK and King sees a double dip recession as being a possibility.

There was some good news in the Bank of England's Inflation Report, as King believes inflation will hit the target level of 2% in the second half of next year, currently standing at  5.1%, down from a recent high of 5.2%

Unemployment however, continues to climb, now standing at 2.62 million, with a further 129,000 added to the number as at the end of September and the young job seekers (16-24) passing a sad milestone, with over 1 million out of work in this age category.

Again the Eurozone debt crisis has been blamed for these poor numbers.