A year ago when my predecessor Lord King delivered his final Mansion House speech, he noted “clear signs that a recovery in the UK, albeit modest, [was] underway.” That recovery was due in no small part to measures he and his colleagues had initiated including extraordinary monetary stimulus, recapitalisation of the banking system and innovative support for lending. The task a year ago was to secure that recovery in the face of continued domestic frailties and ongoing international weaknesses. At home, unemployment and underemployment remained elevated, productivity growth was anaemic, and debt levels were high. ... (full story)