Gordon Brown says bankers should have been locked up after financial crisis

 
Helen Cahill
Follow Helen
Gordon Brown Addresses Conference On How China's Economic Growth Could Impact UK
Brown has written a memoir of his life as a politician (Source: Getty)

Gordon Brown has said bankers should have been locked up for their role in the financial crisis.

The former Prime Minister has written in his memoir that failing to take a tougher stance on the City has made it likely that bankers will rely on public money again in the future.

In an extract from the book published this morning, Brown says: "If bankers who act fraudulently are not put in jail with their bonuses returned, assets confiscated and banned from future practice, we will only give a green light to similar risk-laden behaviour in new forms."

Read more: RBS and Goodwin look likely to dodge trial as investor group accepts offer

The book also reveals that Barclays offered to buy the Royal Bank of Scotland (RBS) before the bank was nationalised.

Brown argues that former RBS chief Fred Goodwin should have lost his bonuses and the right to be a company director.

"Little has changed since the promise in 2009 that we bring finance to heel," Brown says. "The banks that were deemed 'too big to fail' are now even bigger than they were.

"Dividends and bankers' pay today represent almost exactly the same share of banks' revenues as before the crisis hit."

Related articles