Well it took a long time coming but Brown finally admits that the regulatory framework that he brought in contributed to the financial market failures that we have seen over the last few years.
Naturally he tries to spread the blame, saying that it was a global failure of regulation and he also identifies the wrong solution. He says that there should have been more regulation when the real answer was to have better, more effective regulation.
“More state” is Brown’s answer to everything, more intervention, more regulation and/or more taxation.
But, at least he has admitted to one failure. He could have picked a whole range of failures, selling gold at the bottom of the market, removing the 10p tax band, claw-back of tax credits, failure to fund the conflicts in Iraq and Afghanistan etc, etc, etc.
The question that I would like answered is “What has Gordon Brown actually got right?”