There are "distinct signs of an upturn" in the UK economy - despite the country tipping into recession late last year, the governor of the Bank of England has said. Andrew Bailey told a committee of MPs he believed the downturn would be one of the most shallow recession events of modern times, while explaining the Bank's role in deliberately cooling demand in the economy to help ease inflation. He was speaking for the first time since the Office for National Statistics (ONS) - in an early estimate of gross domestic product between October and December last year - recorded negative output. It left the UK in a ... (full story)