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Article: Britain urges steps to insure financial system
- Article from:
- AP Worldstream
- Article date:
- November 8, 2009
- Author:
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Britain called Saturday for consideration of a tax on financial transactions to insure against another crisis and urged world finance officials meeting in Scotland to agree on bearing the cost of fighting climate change.
British Prime Minister Gordon Brown told finance ministers from the Group of 20 rich and developing it was time to consider a form of global financial levy such as an insurance fee on transactions or contingent capital arrangements.
Brown, the meeting's host, said it was time "to discuss whether we need a better economic and social contract to reflect the global responsibilities of financial institutions to society."
But he said Britain would ...