Brown blames unbridled capitalism

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While maintaining that he was pro-business, the Prime Minister said certain "key ethics" were essential for a stronger economy.

Writing in the Daily Telegraph, he said financial systems must reflect the values of "fairness, stewardship and co-operation" cherished by families and communities.

"I admire the market's ability to release the dynamism and enterprise of people and so this new Labour Government is pro-business and pro-markets and always will be," the premier said.

"But I also know that we do not live by markets alone. I have long understood that markets rely on values that they cannot generate themselves.

"Values as important as treating people fairly, acting responsibly, co-operating for the benefit of all."

Mr Brown said developments around the world were raising "quite fundamental questions" about the relationship between the government and the markets.

"The first financial crisis of the global age has now laid bare the weaknesses of unbridled free markets," he added.