Britain is at risk of another recession and the economy might already be shrinking, a senior Bank of England figure has warned. Martin Weale, one of the members of the Bank's Monetary Policy Committee (MPC), which sets interest rates, said the UK’s economy was at risk of contracting in the final quarter of 2011, with the crisis in the eurozone threatening the recovery. Speaking on Channel 4 News last night, he said: "The underlying rate of growth of the economy is weak now and I wouldn't be terribly surprised if we were to see output contract in the fourth quarter. “Obviously there is the risk of another recession and it's higher than one might have thought a few months ago.”