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The Bank of England has warned the British government it cannot afford any further stimulus measures to prop up the sinking economy.
Appearing before the Treasury Select Committee overnight, Mervyn King, Bank of England governor, said; "I think it would be sensible to be cautious about going further in using discretionary measures to expand the size of those deficits”, The Guardian reported.
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The British government is due to unveil its next budget on the 22 April; the government has already implemented a £22 billion (A$46.4 billion) stimulus package bringing the current deficit for the first 11 months of the fiscal year to a record £75 billion (A$158 billion).
