Cable: UK economy in 'very deep crisis'

The UK economy is in "a very deep crisis" and it is difficult to predict when it will recover, according to business secretary Vince Cable.

Cable told the BBC the crisis was "quite unlike any we have experienced before" as it is centred around the collapse of the banking system. He said: "We are overcoming problems with a massive government deficit, difficult broken banks and levels of personal indebtedness. Projecting and predicting how we get out of this crisis is very difficult indeed." The country's economy dipped back into recession at the end of the last year and has contracted for three quarters in a row. Later this morning, the Bank of England will announce the outcome of the latest Monetary Policy Committee ...