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Speaking to the chambers of commerce in Leeds, Mr King said the "extraordinary" financial turmoil of recent weeks had taken the economy closer to total collapse than at anytime in the last 90 years.
"It is surely probable that the drama of the banking crisis, which is unprecedented in the lifetime of almost all of us, will damage business and consumer confidence more generally," he commented.
Mr King's statement backs up the claims of the Ernst and Young Item Club which recently claimed that the UK was already experiencing a recession.
According to the Guardian, official figures to be released on Friday will almost certainly show that the UK economy contracted in the quarter from July until September.
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