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‘This is as bad as a world war’: Bank of England boss’s grim view of financial crisis which has left a debt ‘that will be paid by our grandchildren’

UK Daily Mail [1]
Dec 4, 2012

The financial crisis has been as devastating for family incomes as a world war, a senior Bank of England official warned yesterday.

It is likely that the costs will still be being paid by our grandchildren, Andrew Haldane added.

He said there was ‘every reason’ for people to feel ‘deeply upset and angry’ about the turmoil inflicted by the crash of 2008 and 2009.

In a sober analysis of the scale of the challenge facing Britain Mr Haldane, the Bank’s executive director for financial stability, said: ‘If we are fortunate, the cost of the crisis will be paid for by our children. More likely it will still be being paid for by our grandchildren.

‘In terms of the loss of incomes and outputs, this is as bad as a world war – that’s the scale we’re talking about.’

Full article here [1]