But shadow Treasury minister Chris Leslie denied their was a disagreement between Mr Davies and the party leadership.
He told the BBC News Channel: "He's saying make sure that we don't let the Conservatives get away with the lie that somehow it was Gordon Brown who single-handedly, in the UK, caused the global financial crisis."
No-one thinks Gordon Brown done it single-handedly. Ed Miliband and Ed Balls were in the thick of it too in the Treasury bunker. Perhaps if they didn't have their two senior leaders so deeply implicated then Labour might be faring better in the polls and be able to communicate a credible message on the economy. However, until their ousting, they won't.