PM sets out global banking reform

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Mr Brown set out his stall in a speech to the Scottish Labour Conference in Dundee where he outlined the prospect of an agreement worldwide to curb banking excesses.

It also included bringing tax havens into the regulatory net, ensuring the whole financial system remained in good health and a framework for international financial supervision.

"I believe there is an emerging consensus on how we strengthen global regulation of our financial markets to prevent any recurrence of the collapse that has caused so much damage to economies around the world," said the Prime Minister.

"We cannot allow a race to the bottom in standards when we need to be at the best standards all round.

"And I believe there is an emerging consensus that where capital flows are global we cannot just have national supervision. but need global supervision too," the Prime Minister said.

Britain had led the way in calling for reform of international institutions to oversee not just each bank but the global financial market.

Mr Brown said that proposals he would put to the G20 meeting next month would be the outcome of conversations with "our friends and partners" in America, Europe and the rest of the world.

The proposals would cover four areas including bringing tax havens and the shadow banking system into the regulatory net as well as agreeing international principles to end the "short-term bonus culture" and building rewards on long-term results. On this, Mr Brown said he looked forward to a report which would go to the G20 on international principles which should influence pay.

It also proposed monitoring not just individual firms but ensuring the whole financial system remained in good health and a better global framework for international financial supervision.