BBC's Flanders warns of Japan-like conditions for UK

The UK could be entering a "profoundly different" era of slow growth and high debt reminiscent of the economic ills engulfing Japan, says the BBC's economics editor Stephanie Flanders.

Speaking at a Cofunds economic forum in central London, Flanders said Britain's "misery index" is set to climb as a combination of slow growth, high inflation and weak credit growth take their toll on an economy in recovery mode. "Britain's misery index is going up," she told delegates. The respected economics commentator said there will be "no more Mr Nice Decade" - referring to the era of prosperity which marked out the noughties. She said although fears of the dreaded double-dip recession have subsided, concerns surrounding slow growth pose real problems. "The rate we recover...