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epa01632041 London's financial district in Canary Warf in London, Britain, 11 February 2009. The governor of the Bank of England, Mervyn King, warned 11 February that Britain is "in a deep recession" and said rate cuts may no longer work. In its latest forecast for economic growth and inflation, the Bank says that the UK economy will decline sharply in the first half of the year. And it says that there is a significant risk that the recession will be even longer and deeper than expected. EPA/ANDY RAIN