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"I would argue that what we are in at the moment is not a recession, but essentially some kind of depression and it therefore takes something very, very major to get out of it in the same way as it took something major for us to get into it," he said. The Bank of England has cut interest rates to record lows and pumped money into the financial system in the hope that will encourage banks to lend money more cheaply. But the results have been mixed and experts say there is only so much a central bank can do to create jobs. On Wednesday, the Bank of England and the Treasury extended until January 2015 a program to boost lending and help the economy. The program offers funding at low interest rates to banks on condition that those rates are passed on to small businesses and households. Its results so far have been mixed, however. Even if the economy dodges recession, the daily reality for many Britons remains tough. The Trussell Trust, a food bank network, said it fed more than 350,000 people in the year ending in March
-- more than double the 128,000 served in the previous 12-month period. Tim Boyce, a retired investment banker who runs a south London branch, said he's seeing the people behind those numbers. Inside a frosty church that's opened its doors to the desperate, he watches as they come for emergency handouts of rice, pasta and beans. "Most people don't realize the extent of poverty," he said as he sipped coffee to keep the edge off the chill. "It's hiding in plain view." Take the cases of Kevin Bishenden, 50, and his wife, Nicola, 40. He's an upholsterer who says that no one wants to hire someone his age. She says she just can't find work. The only reason they aren't homeless is that Britain's welfare state manages to keep a roof over their heads. But they've slowly been shedding all their possessions, together with memories of a past life. First a bike, then stuff from the kitchen. All the DVDs are going, though even Star Trek only gets you a few pennies. They've already sold their wedding rings. He lamented a new council tax payment of 15 pounds ($22.80) that came into effect as part of government austerity plans. His exhaustion was plain as he tried to imagine paying for it. "Where's that supposed to come from?"
[Associated
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