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Darling makes bank change pledge Darling makes banks change pledge
(about 2 hours 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 says there are "lessons to be learnt" following the Northern Rock bank crisis.
"There are lessons to be learned and I will make sure that we make the changes we need to ensure stability," he said. But he told Labour's annual conference he will take whatever action is needed to keep the economy stable.
He told Labour's annual conference in Bournemouth that effective supervision for banks was needed across the world, and not just in the UK. 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.
He also said the financial services industry in this country was "strong". Mr Darling told delegates effective supervision for banks was needed across the world and not just in the UK.
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. In his first speech to the Bournemouth conference as chancellor, he conceded that last week was "difficult" for Northern Rock savers.
"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 Alistair DarlingChancellor
"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. "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."
King criticism He stressed that the financial services industry in the UK was "strong" and he intended "to keep it that way".
Prime Minister Gordon Brown had earlier praised the performance of Bank of England Governor Mervyn King in the wake of the Northern Rock crisis. 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.
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. 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.
Mr Darling also told the conference that climate change is "an international problem" which requires "international solutions". 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".
He said that Britain would be the first country to introduce "legally enforceable carbon budgets". 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.
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". "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.