The head of the Bank of England, Mervyn King, has said today that the Euro crisis is likely to get worse and that the UK and Bank of England are developing "contingency plans" to be implemented should the crisis spiral out of control.
He is quoted by Bloomberg:
"There are major problems ahead.Tin hats everyone!
There are major credit losses to be realized. Whatever happens there will be difficulties ahead that will undoubtedly affect us."
