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Tony Blair accepts his Government is partly responsible for economic crisis

July 22, 2012 - London

Former British Prime Minister Tony Blair has accepted that his Government is partly responsible for economic crisis of the country and felt that his Government did not fully understand the impact of economic integration.

"In respect of the economy, yes, of course, everybody who was in power in the period bears a certain responsibility", he said.

The Labour Party has adopted the economic integration policy that Tony Blair and his administration implemented over the years. The policies are aimed at reducing trade barriers and coordinate monetary policies across different states. The idea back then was to reduce costs for consumers and producers and promote 'free' trade.

He said that the current party leader Ed Miliband wants Britain's banks dramatically reined in. Blair said a "vibrant" financial sector was important for the UK.

The 2007 British PM who was in power for 10 years feels missing being UK prime minister and was open to take up the post of President of European Union or the World Bank if offered.

Andhra News

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