'Morals' needed in markets

News Article - 11 June 2009
Category: Business

The financial markets must have a system of "morals" and "shared values", the prime minister said in a speech during a dinner last night.

Gordon Brown was talking at the annual United Jewish Israel Appeal dinner and claimed that the financial crises had "gone to the heart of how you create a good economy and a good society".

While stressing his belief in the market, he believed that the operation of it required "upholding values" which would not be automatically generated.

"Successful market economies need trust which can only be built through shared values," he said.

"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."

He finished by saying that there must now be transparent and responsible business reporting "as the vital foundation stones" of the financial system.

The chancellor, Alistair Darling, is to meet with other EU finance ministers in Luxembourg in a bid to solve the current problems in financial systems worldwide.

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