Gieve says can't rule out recession

LONDON (Reuters) - The downturn in the economy still has further to run and recession cannot be ruled out, Bank of England Deputy Governor John Gieve warned on Friday.

In a question and answer session following a speech, Gieve noted that the Bank had not forecast recession as its central projection in its May forecasts but had shown it was a possibility.

"I can't rule recession out," he said.