The Governor of the Bank of England has warned the country to brace itself for a prolonged period of high inflation and economic uncertainty. Mervyn King told a group of MPs that the Bank was unlikely to meet its 2pc inflation target for the foreseeable future and there was no guarantee that economic recovery could be sustained. UK prices have consistently remained above the Bank's expectations during the recession and King told the Treasury Committee that austerity measures to be introduced by the Coalition would exacerbate the issue. He said: "Given the changes to VAT announced in the Budget, it's likely that inflation will remain above target for much of next year.” The consumer prices index – the official measure of inflation – has been above the target for much of the past four years, and above 3% since the beginning of the year. It was 3.2% in June.