Bournemouth EchoBlair in admission on economic woe (From Bournemouth Echo)

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Blair in admission on economic woe

Bournemouth Echo: Former Prime Minister Tony Blair says he accepts some responsibility for the state of Britain's economy Former Prime Minister Tony Blair says he accepts some responsibility for the state of Britain's economy

Former Prime Minister Tony Blair says he accepts some responsibility for the state of Britain's economy.

The ex-Labour leader admitted his Government had not fully understood the impact economic integration could have.

But, in an apparent warning to current party leader Ed Miliband who wants Britain's banks dramatically reined in, he warned a "vibrant" financial sector was important for the UK.

"In respect of the economy, yes, of course, everybody who was in power in the period bears a certain responsibility," he told the Murnaghan programme on Sky News.

"On the other hand I think what happened, and this is really important for people to understand, this global financial crisis was the product of a whole new way that the financial and banking sector has been working in this past 20 or 30 years where you have got this deep integration of the global economy and where you have a lot of financial instruments that were created whose impact people didn't properly understand."

Asked if that meant Labour did not fully understand it while he was in power, he replied: "No, we didn't."

He added: "A vibrant financial sector is also a very important part of our future. Take the necessary steps but realise that thriving and healthy banking sector is a major part of the modern British economy and will also be so."

Mr Blair who has served as a Middle East envoy for the "Quartet" - made up of the United Nations, United States, European Union and Russia - since leaving office, is keen to return to domestic politics.

He said: "I feel I have got something to contribute to the debates that are going on in the country and I want to do that.

"We have got an extraordinary and uncertain unpredictable situation today. I think we are living through an era of almost uniquely low predictability, economically and politically."

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Comments (6)

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1:06pm Sun 22 Jul 12

Terry_Burgess says...

Blair said “I feel I have got something to contribute to the debates that are going on in the country and I want to do that.”

If you like talking then answer this: Why did you take us to war in Iraq Mr Blair?
Blair said “I feel I have got something to contribute to the debates that are going on in the country and I want to do that.” If you like talking then answer this: Why did you take us to war in Iraq Mr Blair? Terry_Burgess
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1:33pm Sun 22 Jul 12

fmrbill says...

and why dont you say SORRY B (LAIR)only a 5 letter word but it seems you never learnt it at school. I can think of some words for you as well. !!!!!!!!!!!!!! some are not even 5 letters
and why dont you say SORRY B (LAIR)only a 5 letter word but it seems you never learnt it at school. I can think of some words for you as well. !!!!!!!!!!!!!! some are not even 5 letters fmrbill
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2:30pm Sun 22 Jul 12

ron.1952 says...

"is keen to return to domestic politics."



What he is really saying is he would love to get his nose back in the trough.

Oink oink oink.
"is keen to return to domestic politics." What he is really saying is he would love to get his nose back in the trough. Oink oink oink. ron.1952
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2:49pm Sun 22 Jul 12

loosehead says...

So another Labour ex leader saying it was partially there fault were in the mess we're in & not surprisingly the Tories?
So another Labour ex leader saying it was partially there fault were in the mess we're in & not surprisingly the Tories? loosehead
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3:17pm Sun 22 Jul 12

BertSanders says...

ah well - no more " boom and bust" - they got that right - its just bust.
Regretably they may well be back to complete the job with Milliband!
ah well - no more " boom and bust" - they got that right - its just bust. Regretably they may well be back to complete the job with Milliband! BertSanders
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10:06pm Sun 22 Jul 12

loosehead says...

BertSanders wrote:
ah well - no more " boom and bust" - they got that right - its just bust.
Regretably they may well be back to complete the job with Milliband!
Only if the people are stupid enough to vote them in again.
I had a guy talking to my neighbour both on the dole saying cleaning jobs wouldn't earn him enough & they're getting rid of soldiers so how could he get a job?
Felt like saying "if you two were working there would have been no work for our Eastern European friends & less on the dole could mean no cut in the armed forces & police"
But what's the point 3million+ Polish people many who have found work & less than 3million British out of work? can't blame the Poles for doing the work but why were these vacancies there when we had so many out of work?
Do you remember Labours crack down on Welfare they promised? No nor do I
[quote][p][bold]BertSanders[/bold] wrote: ah well - no more " boom and bust" - they got that right - its just bust. Regretably they may well be back to complete the job with Milliband![/p][/quote]Only if the people are stupid enough to vote them in again. I had a guy talking to my neighbour both on the dole saying cleaning jobs wouldn't earn him enough & they're getting rid of soldiers so how could he get a job? Felt like saying "if you two were working there would have been no work for our Eastern European friends & less on the dole could mean no cut in the armed forces & police" But what's the point 3million+ Polish people many who have found work & less than 3million British out of work? can't blame the Poles for doing the work but why were these vacancies there when we had so many out of work? Do you remember Labours crack down on Welfare they promised? No nor do I loosehead
  • Score: 0
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