According to the governor of bank of England, UK is just begining to come out of recession. In the articel by BBC (excerpt below):

The UK economy has "only just started" along its road to economic recovery, according to Bank of England governor Mervyn King.
In its latest inflation report, the Bank indicated it would be late 2011 before the UK economy recovered to the level it was at before the recession.
Mr King also warned inflation may "rise sharply over the next few months".
He also said the Bank was "open minded" about extending its programme of pumping money into the economy.
Last week, the Bank extended the programme - a policy of injecting money into the economy through buying bonds from banks and other companies called quantitative easing - by £25bn.