UK Prime Minister Gordon Brown has blamed financial institutions and intermediaries for the turbulence in the sector that he warns will come to be seen as the first financial crisis in the globalisation era.

Speaking at a private event at the London offices of Goldman Sachs, Brown said: “There can never be any room for complacency, as we know first of all that we are in a period of financial turbulence. Indeed, people will probably look back to say this is the first financial crisis of this new era of globalisation.”