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| Version 4 | Version 5 |
|---|---|
| Brown admits mistake over banks | Brown admits mistake over banks |
| (about 10 hours later) | |
| Gordon Brown has admitted he made a mistake in not introducing tougher bank regulation when he was chancellor. | Gordon Brown has admitted he made a mistake in not introducing tougher bank regulation when he was chancellor. |
| The PM, chancellor from 1997 to 2007, said that in the 1990s the banks had all been calling for less regulation. | The PM, chancellor from 1997 to 2007, said that in the 1990s the banks had all been calling for less regulation. |
| "And actually the truth is that globally and nationally we should have been regulating them more," he said in an interview on ITV1's Tonight. | "And actually the truth is that globally and nationally we should have been regulating them more," he said in an interview on ITV1's Tonight. |
| The Conservatives said Mr Brown had made a "big mistake", while the Lib Dems said his words were "not enough". | The Conservatives said Mr Brown had made a "big mistake", while the Lib Dems said his words were "not enough". |
| The prime minister said he should have put the "whole public interest" before the banks but had "learnt" from the experience. | The prime minister said he should have put the "whole public interest" before the banks but had "learnt" from the experience. |
| 'Complaints' | 'Complaints' |
| Mr Brown said: "In the 1990s, the banks, they all came to us and said, 'Look, we don't want to be regulated, we want to be free of regulation'." | Mr Brown said: "In the 1990s, the banks, they all came to us and said, 'Look, we don't want to be regulated, we want to be free of regulation'." |
| "All the complaints I was getting from people was, 'Look you're regulating them too much'. And actually the truth is that globally and nationally we should have been regulating them more," he added. | "All the complaints I was getting from people was, 'Look you're regulating them too much'. And actually the truth is that globally and nationally we should have been regulating them more," he added. |
| "So I've learnt from that. So you don't listen to the industry when they say, 'This is good for us'. You've got to talk about the whole public interest." | "So I've learnt from that. So you don't listen to the industry when they say, 'This is good for us'. You've got to talk about the whole public interest." |
| Every time you make a decision about troop deployments with generals, you've got to bear in mind that these are decisions about people's lives Gordon Brown | Every time you make a decision about troop deployments with generals, you've got to bear in mind that these are decisions about people's lives Gordon Brown |
| Schools Secretary Ed Balls, who worked with Gordon Brown when he was chancellor, said both had previously admitted they should have done more to control the financial sector. | Schools Secretary Ed Balls, who worked with Gordon Brown when he was chancellor, said both had previously admitted they should have done more to control the financial sector. |
| At Labour's morning press conference he said: "In retrospect we should have been tougher with some of the investment banks which did not know the risks they were running. This was a problem for governments around the world." | At Labour's morning press conference he said: "In retrospect we should have been tougher with some of the investment banks which did not know the risks they were running. This was a problem for governments around the world." |
| Business Secretary Lord Mandelson added: "Regulation should have been more intrusive and the regulatory practice of the FSA [Financial Services Authority] should have kept pace with the fast-changing developments in the financial services sector." | Business Secretary Lord Mandelson added: "Regulation should have been more intrusive and the regulatory practice of the FSA [Financial Services Authority] should have kept pace with the fast-changing developments in the financial services sector." |
| Gordon Brown's previous admission in September 2009 about banking regulation | |
| BBC political correspondent Laura Kuenssberg said although the prime minister has previously said, in an interview with the BBC's Andrew Marr in September 2009, that regulation should have been tougher around the world - this time he has been more explicit about the role it should have taken in the UK. | |
| Conservative leader David Cameron said: "This is a big moment because Gordon Brown told us two things: he said this all came from America and he said his judgment was right in every regard. | Conservative leader David Cameron said: "This is a big moment because Gordon Brown told us two things: he said this all came from America and he said his judgment was right in every regard. |
| "He is now saying that those two things are not true, that there were big mistakes made here in Britain in the regulatory system that he designed. And I'm glad that he's finally admitted that some of this was made in Britain, by him." | "He is now saying that those two things are not true, that there were big mistakes made here in Britain in the regulatory system that he designed. And I'm glad that he's finally admitted that some of this was made in Britain, by him." |
| Lib Dem Treasury spokesman Vince Cable said: "It's not enough just to hold your hands up and say sorry without having a plan for making sure that the same thing doesn't happen again." | Lib Dem Treasury spokesman Vince Cable said: "It's not enough just to hold your hands up and say sorry without having a plan for making sure that the same thing doesn't happen again." |
| Mr Brown also admitted, as he has done previously, that the decision to scrap the 10 pence rate of tax had been a mistake. | Mr Brown also admitted, as he has done previously, that the decision to scrap the 10 pence rate of tax had been a mistake. |
| HAVE YOUR SAY Isn't it time bankers had to follow the rules and rough it like the rest of society? Xantal Send your comment | HAVE YOUR SAY Isn't it time bankers had to follow the rules and rough it like the rest of society? Xantal Send your comment |
| He said: "I've learnt a lot from that, I learn all the time." | He said: "I've learnt a lot from that, I learn all the time." |
| But the prime minister said it is the situation in Afghanistan that keeps him awake at night. | But the prime minister said it is the situation in Afghanistan that keeps him awake at night. |
| He told ITV: "I've been very worried about what's happening in Afghanistan because we've got to make very difficult decisions and every time you make a decision about troop deployments with generals, you've got to bear in mind that these are decisions about people's lives." | He told ITV: "I've been very worried about what's happening in Afghanistan because we've got to make very difficult decisions and every time you make a decision about troop deployments with generals, you've got to bear in mind that these are decisions about people's lives." |
| Mr Brown also again denied that he was a bully, saying he hoped he did not intimidate people. | |
| "I hope I'm not intimidating, I hope I am the opposite, I hope I am willing to listen and willing to learn. And then I'll go back and I'll make up my mind and say 'this is what we do now'." | "I hope I'm not intimidating, I hope I am the opposite, I hope I am willing to listen and willing to learn. And then I'll go back and I'll make up my mind and say 'this is what we do now'." |
| Mr Brown added: "I think I'd like people to know that I was compassionate, because I do feel strongly about children in particular... I'd like to be known as a children's champion." | Mr Brown added: "I think I'd like people to know that I was compassionate, because I do feel strongly about children in particular... I'd like to be known as a children's champion." |
| But he also acknowledged that he is "not so good" at the PR side of politics. | But he also acknowledged that he is "not so good" at the PR side of politics. |