BOE Deputy sounds alarm on state of economy

New Bank of England Deputy Governor Charles Bean has warned that the current financial environment is as bad as the 1970s. He said that the slowdowncould “drag on for some considerable time” and that the pressure on household incomes might even damage the fabric of society. Mr Bean was speaking at a central bankers’ conference in Wyoming and also voiced caution over any short-term recovery in the markets, saying every time there seemed to be an improvement “another grenade” exploded.