Ed Balls, Shadow Chancellor
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Ed Balls: 'I am deeply sorry'

The shadow chancellor, Ed Balls, said he was "deeply sorry" for the part the last government played in the regulatory failures that led to the banking crisis.

He described the Independent Commission on Banking, as "important and authoritative", while the ring-fence proposal was "tough and radical".

But he said it should be "the start, not the end point for reform".