This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/uk_politics/7009374.stm
The article has changed 4 times. There is an RSS feed of changes available.
Version 2 | Version 3 |
---|---|
Darling makes banks change pledge | |
(about 2 hours later) | |
Chancellor Alistair Darling says there are "lessons to be learnt" following the Northern Rock bank crisis. | |
But he told Labour's annual conference he will take whatever action is needed to keep the economy stable. | |
Thousands of savers queued to get their money out of the bank last week, following news it needed emergency funds from the Bank of England. | |
Mr Darling told delegates effective supervision for banks was needed across the world and not just in the UK. | |
In his first speech to the Bournemouth conference as chancellor, he conceded that last week was "difficult" for Northern Rock savers. | |
My job is to protect ordinary savers Alistair DarlingChancellor | |
"There are lessons to be learnt - and I will make the changes we need to ensure stability," 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. | |
"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." |
He stressed that the financial services industry in the UK was "strong" and he intended "to keep it that way". | |
He has already suggested that he would like to make changes to the banking system that would mean an increased guarantee for people's savings of up to £100,000 in the event of a crisis. | |
Election hint? | |
Earlier Prime Minister Gordon Brown rejected suggestions the government had known early on about Northern Rock's problems but had failed to act in time to prevent a run on the bank. | |
He praised the performance of Bank of England Governor Mervyn King, saying he had done a "brilliant" job. However, he stopped 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 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. |
In his conference address, Mr Darling hailed the "great achievement" of Mr Brown as chancellor, and former prime minister Tony Blair for his "clear vision for the future of our country". | |
And in what could be interpreted as a hint that a general election is around the corner, the chancellor said the party could win a fourth term. | |
"If we stick to our sense of purpose. If we prepare our country for change, then together, with Gordon Brown, we can deliver for all the people," he said. |