Ed Miliband: ‘We didn’t regulate the banks properly and that led to the financial crisis’

The Labour leader is asked whether his party simply spent too much last time around.

“We didn’t regulate the banks properly and that led to the financial crisis… if you look at the position we were in before the financial crisis the debt was lower than the debt we inherited, for example, here is the thing – the financial crisis then happened,. i wish the financial crisis hadn’t happened.

“But the question for the future is who has learnt the lessons of the financial crisis? Who has learnt the lessons in relation to the banks and the question for us is in these changes circumstances are you going to make decisions which show you are going to get the deficit down, and the answer is yes.”