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Darling makes bank change pledge Darling makes bank change pledge
(10 minutes later)
Chancellor Alistair Darling has said there were "lessons to be learned" following last week's crisis at the Northern Rock bank.Chancellor Alistair Darling has said there were "lessons to be learned" following last week's crisis at the Northern Rock bank.
"There are lessons to be learned and I will make sure that we make the changes we need to ensure stability," he said."There are lessons to be learned and I will make sure that we make the changes we need to ensure stability," he said.
He told Labour's annual conference in Bournemouth that effective supervision for banks was needed across the world, and not just in the UK.He told Labour's annual conference in Bournemouth that effective supervision for banks was needed across the world, and not just in the UK.
He also said the financial services industry in this country was "strong".He also said the financial services industry in this country was "strong".
Mr Darling told delegates he would make sure changes were made to ensure financial stability in the future, following the recent financial turmoil encountered by Northern Rock.Mr Darling told delegates he would make sure changes were made to ensure financial stability in the future, following the recent financial turmoil encountered by Northern Rock.
"Last week was difficult. It was difficult for Northern Rock savers, it was difficult for us all," he said."Last week was difficult. It was difficult for Northern Rock savers, it was difficult for us all," he said.
"My job is to protect ordinary savers. So we need to strengthen protection for ordinary savers - to give them confidence, ensuring their savings in a bank or building society are guaranteed."My job is to protect ordinary savers. So we need to strengthen protection for ordinary savers - to give them confidence, ensuring their savings in a bank or building society are guaranteed.
"It's been difficult. But we will come through this because we have built a strong and stable economy.""It's been difficult. But we will come through this because we have built a strong and stable economy."
Mr Darling told the conference that climate change is "an international problem" which requires international solutions. King criticism
He said that Britain would be the first country to introduce "legally enforceable carbon budgets" and also spoke of his support for the Make Poverty History campaign. Prime Minister Gordon Brown had earlier praised the performance of Bank of England Governor Mervyn King in the wake of the Northern Rock crisis.
"We will meet our international obligations in full," he said. He said Mr King had done a "brilliant" job but he did stop short of giving Mr King his backing for another five-year term as governor.
Mr King has faced intense criticism over his handling of Northern Rock, as critics have suggested that he failed to act quickly enough to help the lender.
Mr Darling also told the conference that climate change is "an international problem" which requires "international solutions".
He said that Britain would be the first country to introduce "legally enforceable carbon budgets".
He also said the government must "redouble our efforts to make poverty history here in our own country and in the world" and that "we will meet our international obligations in full".