Brown admits mistakes on banking regulation
Wednesday 14 April 2010
Gordon Brown has admitted for the first time that he made mistakes that contributed to the financial crisis.
In a television interview to be shown tonight,the Prime Minister concedes that he bowed to pressure from the City and failed to regulate the banks properly. Mr Brown said: "In the 1990s the banks all came to us and said: 'Look, we don't want to be regulated, we want to be free of regulation'.
"Everybody in the City was saying and all the complaints I was getting were: 'Look you're regulating them too much'. The truth is that globally and nationally we should have been regulating them more. So I've learnt from that. So you don't listen to the industry when they say 'This is good for us'."
The Prime Minister has until now been reluctant to apologise, instead blaming the crisis on the failure of American regulators and international watchdogs. Only last week, Mr Brown said "the international banks let us down". Last year, he said he was not "sure" Britain's regulatory system could have picked up the problem.
The Prime Minister also says his "biggest mistake politically" was the scrapping of the 10p tax band, an error which he has admitted and apologies for several times. "When I was Chancellor we should have done more on the taxation system," he says. "We got this 10p tax wrong and I've learnt a lot from that. I learn all the time."
In the interview Mr Brown also admits that he "worries" about the war in Afghanistan and he is "willing to learn".
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
£65000 - £80000 per annum: Recruitment Genius: Finance Director required to jo...
£15000 - £25000 per annum: Recruitment Genius: This is a unique opportunity fo...
£50000 per annum + 26 days holiday,pension: Ashdown Group: A highly successful...
£27000 per annum + pension + holidays: The Jenrick Group: A Quality Technician...