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Brown takes 'full responsibility' for role in credit crisis

17 March 2009 / by Rachael Stiles
In a partial apology for not taking stronger actions at the onset of the credit crisis, Gordon Brown has said that he takes "full responsibility" for his role in the economic turmoil which was to follow.

In a candid interview with The Guardian, the Prime Minister said that more could have been done, but that the UK is "dealing with a bigger problem that is global in nature, as well as national," and while he has been criticised for not doing enough on a domestic level, many have praised the way that he has dealt with the global economic crisis.

"Perhaps 10 years ago after the Asian crisis when other countries thought these problems would go away, we should have been tougher," he said, "keeping and forcing these issues on to the agenda like we did on debt relief and other issues of international policy."

While he accepted his role in the credit crisis, Mr Brown also defended his role in bailing out the banks, arguing that he saved them from collapse amid the banking crisis, and claiming that the British Government was the first to impose lending targets of £50billion on the banks in which the taxpayer now holds a stake.

He also spoke of how it is "essential for the sake of the country" that Labour wins the next election, arguing that "only progressive, centre-left governments can address the problems of the global change".

Seizing on David Cameron's pledge that the Conservative party would slow public spending, Mr Brown said: "I can't understand how the Conservative party that is cutting public expenditure" and that "won't invest in the future" has the "answer to the problems we face."

Rather, people are looking for "progressive forces" to tackle the problems the country is facing, which he said has been illustrated in America with the election of President Barack Obama.

These progressive forces, like the Labour party, are the "ones that alone have the answers to the challenges we face," he said.

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