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| Version 1 | Version 2 |
|---|---|
| PM says markets' flaws exposed | PM says markets' flaws exposed |
| (1 day later) | |
| Prime Minister Gordon Brown has said the current global financial crisis has "laid bare the weaknesses of unbridled free markets". | Prime Minister Gordon Brown has said the current global financial crisis has "laid bare the weaknesses of unbridled free markets". |
| Writing in the Daily Telegraph, Mr Brown said New Labour was "pro-business and pro-markets and always will be". | Writing in the Daily Telegraph, Mr Brown said New Labour was "pro-business and pro-markets and always will be". |
| However, he also sounded a cautious note by saying that society should not live by markets alone. | However, he also sounded a cautious note by saying that society should not live by markets alone. |
| The markets must reflect society's values, including "fairness, stewardship and co-operation," he said. | The markets must reflect society's values, including "fairness, stewardship and co-operation," he said. |
| Mr Brown said he wanted to uphold these three key ethics in public policy and across the public arena, as "markets work best when underpinned by an ethic of fairness". | Mr Brown said he wanted to uphold these three key ethics in public policy and across the public arena, as "markets work best when underpinned by an ethic of fairness". |
| This is a "defining moment for our emerging global society", he added. | |
| "The ethic of fairness means we reward hard work, thrift, enterprise, effort and responsible risk taking, but refuse to condone or reward irresponsible or excessive risk taking," he said. | "The ethic of fairness means we reward hard work, thrift, enterprise, effort and responsible risk taking, but refuse to condone or reward irresponsible or excessive risk taking," he said. |
| Also, the "ethic of stewardship must restore to all financial institutions their public purpose. In this uncertain world the values of fairness, stewardship and co-operation that underpin markets at their best have come of age Gordon Brown | |
| "All boards need to proceed on the basis the best companies do already - that when people start a new business or save up for a wedding or for Christmas they are investing not just their cash in the bank but also their hopes and dreams." | "All boards need to proceed on the basis the best companies do already - that when people start a new business or save up for a wedding or for Christmas they are investing not just their cash in the bank but also their hopes and dreams." |
| Mr Brown also said that, given the current worldwide financial crisis, "we are also finding that in an interdependent global economy the ethic of co-operation matters more than ever. We are in this together." | Mr Brown also said that, given the current worldwide financial crisis, "we are also finding that in an interdependent global economy the ethic of co-operation matters more than ever. We are in this together." |
| The prime minister said he had set out proposals for a new global early warning system, for "cross-border supervision for action to eliminate the conflicts of interest that have dragged our world economy down, and for fundamental reform of international institutions". | The prime minister said he had set out proposals for a new global early warning system, for "cross-border supervision for action to eliminate the conflicts of interest that have dragged our world economy down, and for fundamental reform of international institutions". |
| He added: "In this uncertain world the values of fairness, stewardship and co-operation that underpin markets at their best have come of age. | He added: "In this uncertain world the values of fairness, stewardship and co-operation that underpin markets at their best have come of age. |
| "These are the values that can unite the nation, will ensure we can pull together as one country - and we will come through the downturn stronger not weaker." | "These are the values that can unite the nation, will ensure we can pull together as one country - and we will come through the downturn stronger not weaker." |
| On Friday, Conservative leader David Cameron launched a stinging attack on Mr Brown's handling of the economy. | On Friday, Conservative leader David Cameron launched a stinging attack on Mr Brown's handling of the economy. |
| He said the prime minister's strategy had "fundamentally failed" and accused him of hiding from past policy failures. | He said the prime minister's strategy had "fundamentally failed" and accused him of hiding from past policy failures. |