Page last updated at 00:09 GMT, Friday, 6 March 2009

PM to urge world deal on bank pay

Gordon Brown
Mr Brown wrote that workers were "victims of a storm not of their making"

Prime Minister Gordon Brown is due to outline his plans for an international agreement on bankers' pay and bonuses.

Mr Brown will call for remuneration in the financial system to be part of a "global new deal", in a speech to the Scottish Labour conference in Dundee.

In a swipe at the Scottish National Party, he will say Scottish banks could not have been saved by Scotland alone.

Mr Brown has previously called for global co-operation to tackle the recession.

'No repeat'

But his speech will see him set out for the first time his hopes for an international deal on bankers' pay and bonuses to be agreed at the forthcoming G20 summit in London.

He will argue that remuneration in the banks has been based on short-term targets, not on the long-term interests of customers or even the banks themselves.

In an article for the political magazine Holyrood, Mr Brown recalled how he discussed the need for international co-ordination over the phone with US President Barack Obama while Mr Brown met apprentices in Glasgow.

Problems which began in the US had wreaked "havoc" across the world because of the global nature of financial markets, he added.

"And now our financial sector workers here in Scotland have been victims of a storm not of their making," he wrote.

"So we want stronger global regulation to ensure there is no repeat of the crisis we are experiencing now."

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