BBC NEWS -We underestimated risks - Balls Cabinet minister Ed Balls has admitted the government "underestimated" the risks to the economy from not having stronger regulation of the City.
He said the regime in place had not been "tough enough", but added that it was "not about apologies".
Mr Balls, a former economic adviser to Gordon Brown, told the BBC they had strengthened regulation - moves opposed in the City and by the Conservatives.
In his BBC interview Mr Balls, the children's secretary, said: "This is not about apologies. This is saying very clearly we strengthened regulation in our country in the last 10 years.
"We set up the Financial Services Authority, legislated against Conservative opposition to have stronger regulation.
"I look back and I'm happy to say it wasn't tough enough... The truth is regulation wasn't tough enough.
Mr Balls added: "So I don't apologise at all for being tough on regulation, nor does the prime minister.
So the wild eyed Balls doesn’t think the Gov should apologise, what do you think?
“The conduct of men depends upon the temperament, not upon a bunch of musty maxims.!” Benjamin Disraeli
Angus
Angus Dei on all and sundry
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