Blair Admits 'Some Responsiblity' On Economy

Former Prime Minister admits partial blame economic crisis but says a 'vibrant' financial sector is important the UK.

Prime Minister Tony Blair has accepted 'some responsibility' for the state Britain's economy.

Mr Blair also admitted he not fully understood the impact economic integration would .

But he said a 'vibrant' financial sector was important for the UK, an apparent warning Labour party leader Ed Miliband wants Britain's banks dramatically reined .

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

"On the other I think what happened, and this is really important people to understand, this global financial crisis was the product of a new way that the financial and banking sector has working in this past 20 or 30 years.

"(It is) where you have this deep integration of the global economy and where you have a of financial instruments that were created impact people didn't properly understand."

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

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


Adapted from: Sky News, July 22, 2012.