Former British Prime Minister Gordon Brown warned that the world is on the verge of sleepwalking into another financial crisis because governments have failed to tackle the causes of the last major financial crash a decade ago. "There is going to have to be a severe awakening to the escalation of risks, but we are in a leaderless world".
Mr Brown, who was prime minister during the onset of the 2008 financial crisis which helped destroy his premiership in the 2010 general election, said the worldwide co-ordination shown then would be impossible now.
He said: "The cooperation that was seen in 2008 would not be possible in a post-2018 crisis both in terms of central banks and governments working together".
'We would have a blame-sharing exercise rather than solving the problem.
"There wouldn't be the same willingness to cooperate but rather a tendency to blame each other for what's gone wrong".
Brown, who was prime minister at the time of the 2008 crash, said that after a decade of stagnation the global economy was now moving into a decade of vulnerability.
"Countries have retreated into nationalist silos and that has brought us protectionism and populism".
Asked if the PM was confident the United Kingdom would not suffer any adverse consequences, even with a potential loosening of regulations in the USA, the spokeswoman said: "In recent years we have reformed regulation of the City, and put in place an incredibly robust system, [while] at the same time making sure it's globally competitive".
'Some of it illegal, and which was being covered up, ' he said.
The former PM then turned his venom on President Trump's economic policy of trade protectionism calling it the "biggest barrier to building global co-operation".
"The penalties for wrong-doing have not been increased sufficiently", he said. "The fear that bankers will be imprisoned for bad behavior is not there".
'There has not been a strong enough message sent out that government won't rescue institutions that haven't put their houses in order'.