[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Moving Home with Charlie [@moving_charlie](/creator/twitter/moving_charlie) on x 21.2K followers Created: 2025-07-23 09:04:21 UTC It was more of an acknowledgment. Gordon Brown, former UK Chancellor of the Exchequer (1997–2007) and Prime Minister (2007–2010), has made statements reflecting on his role in the events leading to the 2008 financial crisis, particularly regarding banking deregulation. However, his responses have been nuanced, with partial acknowledgments of mistakes but no outright apology for deregulation itself. In 2009, as Prime Minister, Brown admitted to errors in financial regulation during his tenure as Chancellor. In an interview with *The Guardian* on April 1, 2009, he acknowledged that "in the 1990s, the banks, they all wanted to be free of regulation... and I was wrong in believing that the banks would regulate themselves properly." He recognized that the regulatory framework, including the tripartite system he established (splitting oversight between the Bank of England, the Financial Services Authority, and the Treasury), was not effective enough to prevent the crisis. He stated, "We got it wrong in not understanding how interconnected the global financial system was." In a 2011 speech to the Institute for Government, Brown further reflected on the crisis, admitting that the UK government, under his chancellorship, had underestimated the risks of light-touch regulation. He noted that the belief in self-regulating markets was misguided and that the government should have been more proactive in overseeing financial institutions. However, he also emphasized global factors, such as the U.S. subprime mortgage collapse, as significant contributors, framing the crisis as a broader international failure rather than solely a UK policy misstep. While these statements show Brown accepting some responsibility, he never issued a direct, formal apology specifically for banking deregulation. Instead, his comments often contextualized the UK’s approach within a global trend of deregulation and highlighted shared responsibility among policymakers worldwide. For instance, in a 2010 interview with *The Times*, he defended his record by arguing that the UK’s regulatory changes, such as granting the Bank of England independence in 1997, were intended to strengthen stability, though he admitted the system failed to keep pace with financial innovation. Some critics, as seen in posts on X and various web analyses, argue Brown deflected blame by focusing on global factors or the actions of banks themselves. For example, a 2017 *Guardian* article noted that Brown’s memoirs framed the crisis as a failure of global coordination rather than solely his deregulation policies. Others, like a 2009 *BBC* report, pointed out that his acknowledgment of “mistakes” was seen by some as insufficient, given the scale of the crisis and his role in promoting light-touch regulation during the 1997–2007 period. In summary, Gordon Brown acknowledged mistakes in the UK’s regulatory approach and his underestimation of risks but stopped short of a full apology for banking deregulation. His reflections often emphasized systemic and global issues over personal culpability. XXX engagements  **Related Topics** [banking](/topic/banking) [events](/topic/events) [prime minister](/topic/prime-minister) [Post Link](https://x.com/moving_charlie/status/1947945870411874690)
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Moving Home with Charlie @moving_charlie on x 21.2K followers
Created: 2025-07-23 09:04:21 UTC
It was more of an acknowledgment.
Gordon Brown, former UK Chancellor of the Exchequer (1997–2007) and Prime Minister (2007–2010), has made statements reflecting on his role in the events leading to the 2008 financial crisis, particularly regarding banking deregulation. However, his responses have been nuanced, with partial acknowledgments of mistakes but no outright apology for deregulation itself.
In 2009, as Prime Minister, Brown admitted to errors in financial regulation during his tenure as Chancellor. In an interview with The Guardian on April 1, 2009, he acknowledged that "in the 1990s, the banks, they all wanted to be free of regulation... and I was wrong in believing that the banks would regulate themselves properly." He recognized that the regulatory framework, including the tripartite system he established (splitting oversight between the Bank of England, the Financial Services Authority, and the Treasury), was not effective enough to prevent the crisis. He stated, "We got it wrong in not understanding how interconnected the global financial system was."
In a 2011 speech to the Institute for Government, Brown further reflected on the crisis, admitting that the UK government, under his chancellorship, had underestimated the risks of light-touch regulation. He noted that the belief in self-regulating markets was misguided and that the government should have been more proactive in overseeing financial institutions. However, he also emphasized global factors, such as the U.S. subprime mortgage collapse, as significant contributors, framing the crisis as a broader international failure rather than solely a UK policy misstep.
While these statements show Brown accepting some responsibility, he never issued a direct, formal apology specifically for banking deregulation. Instead, his comments often contextualized the UK’s approach within a global trend of deregulation and highlighted shared responsibility among policymakers worldwide. For instance, in a 2010 interview with The Times, he defended his record by arguing that the UK’s regulatory changes, such as granting the Bank of England independence in 1997, were intended to strengthen stability, though he admitted the system failed to keep pace with financial innovation.
Some critics, as seen in posts on X and various web analyses, argue Brown deflected blame by focusing on global factors or the actions of banks themselves. For example, a 2017 Guardian article noted that Brown’s memoirs framed the crisis as a failure of global coordination rather than solely his deregulation policies. Others, like a 2009 BBC report, pointed out that his acknowledgment of “mistakes” was seen by some as insufficient, given the scale of the crisis and his role in promoting light-touch regulation during the 1997–2007 period.
In summary, Gordon Brown acknowledged mistakes in the UK’s regulatory approach and his underestimation of risks but stopped short of a full apology for banking deregulation. His reflections often emphasized systemic and global issues over personal culpability.
XXX engagements
Related Topics banking events prime minister