THE REALITY:U-Turn! Brown admits that banks should have been more regulated

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.

- Gordon Brown, 2010

Ed Balls, Brown’s former Treasury adviser, is seen here admitting that regulation wasn’t tough enough:

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