Governor of the Bank of England Mervyn King has poured cold water on the idea that Britain is currently undergoing a swift recovery, commenting after the monetary policy committee decided to maintain interest rates at a record low level.

King believes that Britain’s economy has "only just started" its recovery from recession and hinted that the country should expect a long and potentially rocky road.

He said that although the economy will see growth return at the start of next year, output will be unlikely to return to pre-recession levels soon.

The continuing problems being faced by the UK economy are likely to limit opportunities on banking graduate schemes, with job losses at major retail banks being announced last week.

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Last week, the Bank of England announced that it is undertaking a further round of quantitative easing to inject money into Britain’s economy, which it hopes will boost lending.

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