said Britain should brace itself for 'a period of persistently low growth'. Sir Mervyn, who retires next year, added: 'We have decided the chances of a rapid recovery are a good deal less than we thought.' He said economic growth is 'more likely to be below than above its historical average rate over the entire forecast period' -- which is the next three years. The Bank's report reveals the number of firms which are collapsing is much lower than in the last recession in the early 1990s. Around 55 companies every day are being plunged into insolvency, according to the financial information firm Experian. But the Bank said the number of loss-making firms is high, amid warnings from experts that a third of 'zombie businesses' are at risk if they do not urgently get help to solve  their problems. A 'zombie' company can pay the interest on its debts but not repay the debt itself, leaving it particularly vulnerable to a rise in borrowing costs or a loss of business. Warning: Mervyn King, Governor of the Bank of England, has predicted the economy could be shrinking again due to a 'zig-zag' recovery Christine Elliott, chief executive of the Institute for Turnaround, which represents experts who specialise in rescuing businesses, said: 'If they are not given the tough, loving care that they need, they are definitely at risk. 'The worrying thing about the situation is that there are jobs at risk. These businesses employ people whose livelihood depends on their job.'