The Monetary Policy Committee's Charles Bean has suggested that the UK could recover as early as this year:
At present, my expectation is that growth will gradually strengthen this year and next on the back of that, a further easing in credit conditions, and an improvement in the global environment. But downside risks remain, especially in the euro area. Inflation now looks likely to remain elevated above the target for longer than we thought.
MPC member Tucker has made clear that he is open to future asset purchases:
I remain open to doing more QE depending on the outlook for demand and inflation.
Sterling has been strengthening against both the dollar and the euro since the release of these reports and the beginning of the House of Commons Treasury Committee.