The Bank of England (BoE) injected a further £75bn in to the UK economy yesterday, as the governor of the bank Mervyn King warned that the world was facing “the most serious financial crisis at least since the 1930s, if not ever". After announcing the further quantitative easing and the decision to hold interest rates at 0.5%, King said the bank was creating money because there’s not enough money in the economy” and called for a calm reaction to the crisis. Talking to the Dow Jones, King said: “This is undoubtedly the biggest financial crisis the world has ever faced and it has continued now for four years. I do not know when it will come to an end. What I do know is that in order for it come to an end we have to find a way for imbalances to unwind, for the debts to be repaid and for the countries that need to repay debt to other countries to be able to export their way out of difficulty.” This is the first time since 2009 that the BoE has turned to quantitative easing to help boost the economy. It has already pumped £200bn into the economy by buying assets such as government bonds, in an attempt to boost lending by commercial banks. On Wednesday, data showed the UK economy grew by 0.1% between April and June, which was less than previously thought. A statement from the BoE said: “In the United Kingdom, the path of output has been affected by a number of temporary factors, but the available indicators suggest that the underlying rate of growth has also moderated. “The deterioration in the outlook has made it more likely that inflation will undershoot the 2% target in the medium term. “In the light of that shift in the balance of risks, and in order to keep inflation on track to meet the target over the medium term, the committee judged that it was necessary to inject further monetary stimulus into the economy.”