Gordon tells banks: You must go back to basics
Banks in Britain and around the world were told last night they must end risky speculation and resume their traditional role as 'stewards' of people's money.
The warning was issued by Gordon Brown as he and sever other european leaders agreed to overhaul the global financial systemm bringing elements of it under international supervision.
'We have got to show together that we can restructure the banking system around sound banking principles that deliver the integrity and transparency essencial for people to once again trust the banks', the prime minister said at a meeting in Berlin. 'We are looking at how, working with all continents, we can ensure the best means by which the banking system can serve the public - stewards of people's money rather than speculators with people's money.'
German host chancellor Angela Merkel said 'very concrete' sanctions would have to be put in place to deal with nations failing to abide by the new code. The meeting, ahead of april's G20 summit, brought together leaders from Britain, Germany, France, Italy, Spain, Holland, Luxembourg and the Czech Republic.
Mr Brown advised against a resumption of 100 per cent mortgages, which put many into financial difficulties. 
Latests Comments