October 24, 2008 / 11:09 AM / 11 years ago

Financial crisis may be worst in history-BoE's Bean

LONDON, Oct 24 (Reuters) - Britain’s economy is still in the early days of weakness as a result of possibly the worst financial crisis in history, Bank of England Deputy Governor Charles Bean said in an interview published on Friday. “This is a once in a lifetime crisis, and possibly the largest financial crisis of its kind in human history,” Bean told the Scarborough Evening News.

“In terms of impact on the real economy we are still in early days. Compared to the early 1990s, we are in a better position in that we are free to set monetary policy to try and stabilise the economy.”

Bean said he hoped the global financial crisis had reached its worst point and that the financial system was “now on a path to recovery”. He also said lower commodity and oil prices may provide a boost to household spending.

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