Britain Urges Steps To Insure Financial System

JANE WARDELL

ST. ANDREWS, Scotland (AP) — Britain called for consideration of a global tax on financial transactions to insure against another crisis and urged world finance officials meeting Saturday 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 countries it was time to consider a global financial levy such as a tax on transactions or an insurance fee.

In its last meeting as chair of the Group of 20 before South Korea takes over next year, Britain is attempting to push through discussion of issues it views as critical to future world economic growth.

Reflecting its last-chance position, Brown superseded his Treasury chief Alistair Darling to address officials directly, saying it was time "to discuss whether we need a better economic and social contract to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 not act alone, and that any measures must be implemented by all major financial centers and should reinforce existing measures to enhance the stability of the international financial system.