London  - The British economy has gone through an "extremely painful year" and the process of recovery has only just begun, the Bank of England said Wednesday.

Presenting the bank's quarterly inflation report, governor Mervyn King warned that it would take more than a "few quarters" to repair the damage caused by the recession.

Figures last month showed that the British economy - in contrast to those of Germany and France - actually contracted by 0.4 per cent between July and September. (dpa)