Home > Great Britain > Gordon Brown: I should have done more to prevent bank crisis | Politics | The Guardian

Gordon Brown: I should have done more to prevent bank crisis | Politics | The Guardian

According to an article in The Guardian today by Patrick Wintour and Nicolas Watt at last, Gordon Brown admits he failed, accepts full responsibility for the banking failures that led to recession. He admits he should have fought for tougher regulation. Gordon Brown: “I take full responsibility for all my actions, but I think we’re dealing with a bigger problem that is global in nature, as well as national. Perhaps 10 years ago after the Asian crisis when other countries thought these problems would go away, we should have been tougher … keeping and forcing these issues on to the agenda like we did on debt relief and other issues of international.”

He fails to say sorry and fails to realize it would clear the air as this issue will dog him and it puts the fourth term Labour government on the edge of defeat.

“During the interview, Brown:

• Refuses to rule out a further British economic stimulus in the April budget. He promises extra help for hard-pressed savers and says ministers are looking at offloading further public assets in the budget in a bid to balance the books.

• Defends reforms to the part privatisation of the Royal Mail, saying it is right to find an international investor to help with new international investment.

• Insists the G20 summit in London on 2 April will determine whether the world collapses into protectionism. This, he says, would be “the road to ruin”, parallel to the failed London economic conference in 1933 that made recession a fact of life for the rest of the decade.

• Says the summit will agree new ground rules to control not just the structure of executive pay, but their absolute levels. He also claims the summit will also signal “the beginning of the end of the offshore tax havens and banking secrecy”.

• Seeks to dispel notions of a split between the US and mainland Europe on whether to back a specific co-ordinated further economic stimulus linked to each nation’s GDP, saying: “It is not about numbers, but about commitments by each continent to coordinate their action.”

“Link to The Guardian story below;

policy.”Gordon Brown: I should have done more to prevent bank crisis | Politics | The Guardian .

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