British Chancellor of the Exchequer today says Brits must tighten up!

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Alistair Darling attacks banks' reckless lending
By Damian Reece, City Editor and Andrew Porter, Political Editor
Last Updated: 9:55am BST 13/09/2007

In an interview with The Daily Telegraph, the Chancellor signals the end of the era of easy money, calling on large international banks to think about returning to "good old-fashioned banking".

Alistair Darling, the Chancellor, today launches an attack on banks for lending too freely and allowing consumer debt to spiral to record levels.

Alistair Darling says the key is to make the system ‘more open and transparent’

People should consider the consequences more carefully before signing up to loan deals, he says.

His remarks will be seen as a watershed, marking the end of the credit boom that has characterised most of Labour's decade in office.

Mr Darling says: "They need to ask themselves, 'can I repay this?' and lenders need to ask themselves, 'If it goes wrong can I get it back?'

"People do need to think long and hard about this. One of the by-products of the current situation is that, not just at a high level but right across the piece, people will be a bit more cautious.

"Institutions themselves need to open their own eyes and be more honest. When someone comes up with a fantastic way of making money they need to ask, how is this money being made and what are the risks?"

After a summer of turbulence in the markets, Mr Darling's comments are designed to quell fears that Britain is on the brink of an economic downturn. But his appeal for banks to examine their behaviour is certain to be seized on as a sign of concern in the Treasury.
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