UK's Brown: Should Have Regulated Banks More

By: Associated Press
By: Associated Press

LONDON (AP) - Britain's Prime Minister Gordon Brown said Wednesday it was a mistake not to have taken a tougher line with banks when he was Chancellor.

In a television interview aired ahead of the May 6 national
election, Brown acknowledged that banks should have been more
tightly regulated in the years before the financial crash.

"All the complaints I was getting from people was, 'Look you're
regulating them too much'," he told ITV when asked about mistakes
he had made. "And actually 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'. You've got to talk about the
whole public interest," he added.

Brown's governing Labour Party trails the main opposition
Conservative Party in opinion polls ahead of the election, and has
made up little ground since he announced the election date last
week.

His policy platform includes promises to push allies for an
international levy on bank transactions and to more tightly
regulate corporate takeovers.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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