Tracy and Mike from Outwrite were among the 450-strong audience as Sir Mervyn King delivered his latest warning on the state of the UK and global economy.

The governor of the Bank of England was speaking at Monday night’s Institute of Directors (IoD) North West Annual Dinner at St George’s Hall in Liverpool.

All nine members of the bank’s monetary policy committee were also present at the event.

During his address, which was broadcast live on Sky News, Sir Mervyn labelled 2011 “the year of the reluctant recovery”.

He added that, four years after the economic crisis began, it was time for countries and financial institutions “to accept that the underlying problem is one of solvency, not liquidity”.

Read the Daily Telegraph’s report on the speech here.

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