No 10 dismisses Gordon Brown's warning of UK 'sleepwalking into financial crisis'

Downing Street says UK has reformed City regulation in an 'incredibly robust system'

Downing Street has rejected Gordon Brown's warning that the UK is at risk from a worldwide drift towards a new financial crash, insisting that a revamped UK regulatory regime would properly insulate the country.

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.

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