Brown: London Can Lead New World Order
Writing exclusively in the Evening Standard, the Prime Minister called on the City to adopt his agenda of better regulation and closer supervision, setting new standards for the world to follow. "It is fitting that we are seeking to agree new rules for global financial markets here in London," he wrote. "Getting this right can provide a platform for a reformed City to secure its place as the world's leading financial centre in a more responsible, better supervised global system that our economies so urgently need." Mr Brown is urging a stronger role for the Financial Services Authority, an end to the short-term bonus culture, a crackdown on tax havens and greater clarity of the risks taken by banks. His comments gave a strong hint that a reformed City would enjoy greater Government support. Expressing sympathy for City workers, in contrast with his condemnations of greedy bank bosses, Mr Brown said: "I know that ordinary City workers are feeling the pain of the worldwide financial collapse that has triggered this global recession." However, Mr Brown's article notably made no call for a big global deal to inject more money into the world economy to beat the recession, making clear that the ambition has been effectively dropped from the G20 agenda because of a lack of European support.