Brown calls for market reform

07/10/2008

City fat cats were fired a warning last night by prime minister Gordon Brown.

Speaking at a dinner in London yesterday, he called for "values" to be instilled in the market - and for "responsible risk-taking" among lenders.

The speech came following the FTSE 100 index - a stock exchange of the 100 biggest public companies based in the UK - suffering a day of terrible losses.

It closed at 5689.19, after a 7.85 per cent or 391.06 point fall - its biggest ever one-day decline.

Similar losses were also tracked on the Paris and Frankfurt markets, as investors continue to show a lack of confidence in the financial system.

Mr Brown said. "Our success as a market economy - and indeed the operation of the market itself - depends upon upholding values which the market alone cannot generate. Successful market economies need trust which can only be built through shared values."

He added: "My values, the values of the country, celebrate hard work, effort, enterprise and responsible risk taking - qualities that markets need to ensure that the rewards that flow are seen to be fair."

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