Alistair Darling on Monday announced an “urgent review” of banking regulation and a minister admitted the government had failed to impose sufficient controls on the City.
The chancellor told Labour’s conference in Manchester he had asked Lord Turner, new chairman of the Financial Services Authority, to look at the regulatory system and draw lessons from the turmoil that has hit world markets.
His comments came as Ed Balls, one of the architects of the current system and now schools secretary, admitted there were some areas where regulation should have been tougher. The former City minister and Gordon Brown’s closest ally told a fringe meeting at the Labour conference: “In some areas, we should definitely have been tougher and will need to be tougher in the future.” This applied to “standards of corporate governance and regulation”
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