Brown blasts bank bonuses

News Article - 22 September 2008
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The City's bonus culture and irresponsibility have been blamed by Gordon Brown for the current problems in the financial markets.

Mr Brown, speaking on the BBC's Andrew Marr Show, added that while mistakes have been made in the City, the main problems have stemmed from America.

He believes that some of the bonus system is "unacceptable" and does not foster strong business health in the long run.

"When you get bonuses and salaries based on short-term deals that have no relationship to long-term performance then you have to look again at what the system is doing," he told the programme.

During the interview, the prime minister also said he wanted to do better and "will do better", stressing that he is the right person to lead the UK while the worldwide economy is turbulent.

He also told the Labour party conference, currently taking place in Manchester, that international regulation was now required because "global problems need global solutions".

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