September 13, 2007 (LPAC) - The British Chancellor of the Exchequer, Alistair Darling, gave an interview to the Telegraph, published today, which the Telegraph called a "watershed marking the end of the credit boom" of the last Labour government. The international crisis is now affecting domestic credit availability in Britain, Darling said, and called for "good old-fashioned banking" in terms of responsible risk assessment. Darling will have to produce the government's Comprehensive Spending Review in October, and he will announce a plan for more international banking regulation, at the European finance ministers meeting in Portugal this weekend.

The Bank of England chief, Mervyn King, also warned against bailing out the banking system in a report to the Parliament , although the British banks and hedge funds are thoroughly enjoying the bail-outs coming from the European Central Bank and the US Fed.