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Darling admits mistakes were made in run up to crisis

The Chancellor Alistair Darling has admitted that mistakes were made in the run up to the credit crisis.

Darling said there were “a lot of lessons” to be learned by the Government and financial regulators.

In an interview with the Telegraph today, the Chancellor highlighted the bonus culture that was allowed to develop as one of the key failings of supervisors.

He said: “The key thing that went wrong was that a culture was allowed to develop over the last 15 years or so where the relationship between what people did and what they got went way out of alignment, especially at the top end.”

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