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| Brown promises banking clean-up | |
| (10 minutes later) | |
| Gordon Brown has reiterated his call for a clean-up of the financial system to ensure what he called "banking responsibility" in the UK and abroad. | Gordon Brown has reiterated his call for a clean-up of the financial system to ensure what he called "banking responsibility" in the UK and abroad. |
| He also repeated his promise of legal action to recover pension pay-outs negotiated by bosses of failed banks. | He also repeated his promise of legal action to recover pension pay-outs negotiated by bosses of failed banks. |
| In a speech to Labour activists in Bristol, the prime minister said banks had lost sight of basic moral values. | In a speech to Labour activists in Bristol, the prime minister said banks had lost sight of basic moral values. |
| He outlined his vision for a reformed banking system, and promised banks that would help families and small firms. | He outlined his vision for a reformed banking system, and promised banks that would help families and small firms. |
| Mr Brown told members of Labour's National Policy Forum that there had been "the biggest collapse in the banking system that the world had ever seen". | Mr Brown told members of Labour's National Policy Forum that there had been "the biggest collapse in the banking system that the world had ever seen". |
| We are exploring all the legal action necessary to recover pension payments from people who received too much Gordon Brown | We are exploring all the legal action necessary to recover pension payments from people who received too much Gordon Brown |
| He said: "Our task must be nothing less than to rebuild a financial system where it has failed, and then to create an economy in which banks are no longer serving themselves but are serving the public of this country." | He said: "Our task must be nothing less than to rebuild a financial system where it has failed, and then to create an economy in which banks are no longer serving themselves but are serving the public of this country." |
| Mr Brown said that "somehow" the financial world had lost sight of ordinary people's values, such as fairness and hard work. | Mr Brown said that "somehow" the financial world had lost sight of ordinary people's values, such as fairness and hard work. |
| "Some came to believe that we should sacrifice the value of being fair to that of laissez-faire," he said. | "Some came to believe that we should sacrifice the value of being fair to that of laissez-faire," he said. |
| "Some acted as though free markets could be value-free markets." | "Some acted as though free markets could be value-free markets." |
| He said that "nudging and deregulating" banks towards better behaviour had not worked. | He said that "nudging and deregulating" banks towards better behaviour had not worked. |
| "You need fair rules, rules that reward those that play by them and punish those who don't." | "You need fair rules, rules that reward those that play by them and punish those who don't." |
| The prime minister also promised to help reform global banking practices, calling for banks to come under "international supervision" and pledging "no hiding place" for banks and firms who sought to evade the law. | The prime minister also promised to help reform global banking practices, calling for banks to come under "international supervision" and pledging "no hiding place" for banks and firms who sought to evade the law. |
| 'Unacceptable practices' | 'Unacceptable practices' |
| Mr Brown repeated his condemnation of bank chiefs like Royal Bank of Scotland (RBS) boss Sir Fred Goodwin, who despite being widely blamed for leading their organisations to disaster, then retired with huge taxpayer-funded pensions. | Mr Brown repeated his condemnation of bank chiefs like Royal Bank of Scotland (RBS) boss Sir Fred Goodwin, who despite being widely blamed for leading their organisations to disaster, then retired with huge taxpayer-funded pensions. |
| But he made no mention of Tory accusations that his City minister Lord Myners should have known about Sir Fred's pension terms last year when RBS was being rescued. | But he made no mention of Tory accusations that his City minister Lord Myners should have known about Sir Fred's pension terms last year when RBS was being rescued. |
| He said: "Some of the practices now being discovered in our banks are not only unacceptable, they are indefensible and they have got to be cleaned up now. | He said: "Some of the practices now being discovered in our banks are not only unacceptable, they are indefensible and they have got to be cleaned up now. |
| "We are exploring all the legal action necessary to recover pension payments from people who received too much." | "We are exploring all the legal action necessary to recover pension payments from people who received too much." |
| Sir Fred Goodwin is the target of mounting government fury | Sir Fred Goodwin is the target of mounting government fury |
| With a large proportion of Britain's banks now under the control of the government, Mr Brown outlined his vision for the UK's reformed banking system. | With a large proportion of Britain's banks now under the control of the government, Mr Brown outlined his vision for the UK's reformed banking system. |
| He said to create the investment and jobs Britain needed "highly valued" mortgage banks, industry banks, small business banks and industrial banks. | He said to create the investment and jobs Britain needed "highly valued" mortgage banks, industry banks, small business banks and industrial banks. |
| He said Northern Rock would be a bank for home buyers and home owners and would this year and next year offer £14bn-worth of additional mortgages. | He said Northern Rock would be a bank for home buyers and home owners and would this year and next year offer £14bn-worth of additional mortgages. |
| RBS-Natwest was to focus on small business banking and he said the government was looking at creating an industrial bank, to fund inventions and innovations. | RBS-Natwest was to focus on small business banking and he said the government was looking at creating an industrial bank, to fund inventions and innovations. |
| He also confirmed that the government was thinking about creating a publicly-owned savings bank, using the post office network and funds from National Savings. | He also confirmed that the government was thinking about creating a publicly-owned savings bank, using the post office network and funds from National Savings. |