UK risks triple-dip recession, Mervyn King warns

[Pete]

"The UK economy risks suffering from a triple-dip recession amid a period of persistently low growth that will last until the next election, the governor of the Bank of England warned.

Sir Mervyn King cut Britain's growth forecast to just 1% next year and warned that output was more likely than not to remain below pre-crisis levels over the next three years. "There seems a greater risk that the UK economy may be in a period of persistent low growth," he said."

Now the Olympics have passed into history, and the blip they created, we are not only back where we started, but it looks like we could go into a triple-dip.

Is it not time that combined intelect/intelligence/experience of this country actually did something to stop this destructive slide?

Or will Osborne do nothing more than sit tight and hope for the best - as it is clear that, as a strategy, it's not working.