Bank of England governor Mervyn King today warned about a more deeper and longer recession in United Kingdom.

He also said that this is the biggest bank crisis since first world war or even bigger than that.

As per another report released today unemployment in Britain jumped to a 11 year high. Last quarter added 1,40,000 to the jobless list taking total count to 18.25 lakhs, highest since 1997.

Also many major UK companies today announced lay offs and cost cut measures as economic crisis spreads to more sectors.

Virgin Media to cut 2200 jobs, Yello pages major Yell Group annouced 1300 lay offs, Psion to lay off 220 people and Vodafone announced a plan to cut costs by 1 billion pound, which will further reduce thousands of jobs.

World's second largest pharma company GlaxoSmithKline said it would close Dartford by 2013, construction firm Taylor Wimpey said that they laid off 1900 people in last one year.