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Latest update : 2008-09-22

Britain's Finance Minister Alistair Darling told the Labour Congress he would submit a new bill to reform the country's banking system in two weeks to curb global financial turmoil.

Britain is to introduce legislation to reform the banking sector in two weeks' time, to help stem global financial turmoil, finance minister Alistair Darling said Monday.

Darling said the bill would be about "strengthening the supervision of the banking system, making it easier to intervene if a bank gets into trouble (and) giving new powers to the regulators."

In a keynote address to the ruling Labour Party's annual conference, Darling said the new banking reform bill will be introduced when the House of Commons returns from its summer recess at the start of October.

He added that the government would also be giving new protection to savers and that he had asked the independent Financal Services Authority (FSA) regulator to "review urgently" how to improve the system.

"I can promise that wherever weaknesses are found in the financial system -- whether in the powers of government, the Bank of England, or the FSA -- I will take steps to deal with it," he said.

In a frank assessment of global economic problems, Darling said it would take some time for the current uncertainty to resolve. "We are on a difficult road, and there will, I am afraid, be bumps along the way," he said.

Date created : 2008-09-22