Brown in call for global 'contract'

Nov 7 2009

Gordon Brown has called for a new global "economic and social contract" with the financial institutions to ensure taxpayers around the world will never again have to bear the cost of banking failure.

Addressing the meeting of G20 finance ministers in St Andrews, Scotland, the Prime Minister said that in future there must be a "just distribution of risks and rewards".

"I believe we should discuss whether we need a better economic and social contract to reflect the global responsibilities of financial institutions to society," he said.