Uncertainty was Mervyn King’s watchword as he presented the Bank of England’s latest inflation report on Wednesday. “Judging the balance of influences on the economy at the moment is extraordinarily difficult,” the governor said.

Stressing repeatedly that the growth and inflation projections offered a wide range of plausible outcomes rather than a single forecast, he implored journalists and economists to help communicate the Bank’s view that it is impossible to be certain about any projected path for the economy.