It's all very well to admit mistakes now but...

Okay, we all make mistakes and yes, it's good that we admit them. But.....Today we have both the Prime Minister and Ed Balls admitting they failed to regulate the banks sufficiently before the banking crisis. It should be remembered that when Brown was Chancellor he deliberately had a light touch approach to the City. Ed Balls, when city minister, actually welcomed and praised the light touch approach adopted by Labour. And remember all the end-of-the-world claims Labour made about Lib Dem calls for better regulation of the banking system?

The simple fact is, Labour got it totally wrong (and so did the Tories who attacked Labour at the time for too much regulation.) The people will decide whether or not to accept the apology.
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