In a television interview with ITV’s Tonight, which is to be broadcast at 7.30pm, Brown admits he caved in to pressure from the banks for less regulation in the 1990s when he was Chancellor.
When asked whether he felt he had made any mistakes while in Government, Brown said: “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.
“And everybody in the City was saying, and all the complaints I was getting from the people was, ’look, you’re actually regulating them too much’. 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.”