Financial crisis “as bad as a world war” says Bank of England official

A top Bank of England official has admitted that the impact of the UK’s financial crisis will be as bad as a world war.

Andrew Haldane told the BBC:

“In terms of the loss of incomes and outputs, this is as bad as a world war. That is the scale we are talking about.

“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.”

He also hit out at bankers’ pay:

“Back in 1980, your average investment banker was paid the same as your average lawyer or doctor. By the time we got to 2006, they were being paid four times as much.”

While Mr Haldane’s conversion is perhaps to be welcomed, one has to ask – just where was he (and all the other Bank of England officials) when all of these disastrous developments were under way. Mr Haldane has worked at the Bank since 1989, soon after leaving university.

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