UK’s Brown urges global supervision of banks
By Christina Fincher
LONDON, Feb 28 (Reuters) - British Prime Minister Gordon Brown called for more rigorous global supervision of the banking system on Saturday, saying no hedge fund or tax haven should be allowed to fall through the cracks.Speaking at Labour’s National Policy Forum in Bristol, he also spelled out a new vision for Britain’s domestic banking industry with nationalised and partly state-owned banks providing specialist services to better serve the country’s needs.
Brown said the financial crisis was an international problem that required an international solution.
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“I want us to do what was advocated by our country years ago,” Brown said. “To have global supervision of what is a shadow global system. I want there to be no hiding place for special investment vehicles, for hedge funds or tax havens.”
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