Special Access:With the Prime Minister

Speaking with the British Liaison Committee of the House of Commons,Prime Minister Gordon Brown said the off-balance sheet activities of some banks,and the writedowns that are taking place,should never have happened.There are reforms to the financial system that are necessary,such as improved transparency,improved bond rating agencies,and a better system of global supervision of the financial flows of multinational firms.We've got no proper early warning system for the world economy.We need to be better at dealing with financial stability at a global level.Action has already been taken to improve the flow of money by the Bank of England,which has injected funds into the system.