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Chancellor: 'Mistakes have been made' in Cyprus

Chancellor of the Exchequer George Osborne. Credit: PA Wire

The Chancellor told the Treasury Committee: "We will make clear where we think mistakes have been made and we have made it very clear that we thought it was a mistake to try and bail-in the insured depositors over the last week.

"But we are also here to try and resolve this situation because in the end, as we have discovered to our costs over the last couple of years, developments in the eurozone have a very direct impact on the British economy.

"If financial markets become concerned that also has a direct impact on the global financial system."

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