Bank of England governor Mervyn King has said this financial crisis could be more worst the UK has ever seen.
He passed His comments after the Bank authorised the injection of a further £75bn into the economy through quantitative easing (QE).
"This is the most worst financial crisis we've seen at least since the 1930s, if not ever," governor said
Despite criticizing the use of QE in the past, Chancellor George Osborne said it was now the right move to make.
The Bank has already injected £200bn into the economy, under the previous Labour government.
It has done this by buying assets such as government bonds, in an attempt to boost lending by commercial banks.
Mr Osborne also said he is agreed King's view on the severity of the financial crisis.
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