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| Version 0 | Version 1 |
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| Brown pledge to 'clean up' City | Brown pledge to 'clean up' City |
| (20 minutes later) | |
| Gordon Brown has pledged to "clean-up" the financial system following the rescue of Britain's biggest mortgage lender HBOS by Lloyds TSB. | Gordon Brown has pledged to "clean-up" the financial system following the rescue of Britain's biggest mortgage lender HBOS by Lloyds TSB. |
| The prime minister said he had taken "quick action" to "maintain the stability of the financial system". | The prime minister said he had taken "quick action" to "maintain the stability of the financial system". |
| But he said he also had proposals to end "irresponsible behaviour" in the money markets to prevent similar problems happening in the future. | But he said he also had proposals to end "irresponsible behaviour" in the money markets to prevent similar problems happening in the future. |
| The government by-passed competition laws to allow the takeover to happen. | The government by-passed competition laws to allow the takeover to happen. |
| The £12.2bn deal will create a mega bank that will dwarf its nearest rivals in the UK mortgage and savings market. | |
| It follows the dramatic collapse in the share price of HBOS, Britain's biggest mortgage lender, amid fears it was exposed to bad debt. | |
| 'Very bleak' | |
| The takeover is unlikely to have been allowed by the Competition Commission under normal circumstances. | |
| We've got to clean up the financial system, we don't want these problems recurring in the future Gordon Brown | |
| But the government says it will allow the deal as financial stability "must trump" competition fears. | |
| Chancellor Alistair Darling added that without the deal the outlook was "very bleak indeed", though he denied the authorities had rushed through the deal. | |
| Mr Brown said the government's main priority in the short-term was to ensure the stability of the financial system. | |
| But in the longer-term, he said there would be reforms of the financial system to prevent future future problems. | |
| 'Restore prosperity' | |
| He told the BBC: "I think we've got to look at where there has been irresponsible behaviour and I've said for some time that we need reforms in the system. | |
| "I believe there's now an audience that agrees with me that we should do more. | |
| "We've got to clean up the financial system, we don't want these problems recurring in the future. | |
| "I proposed a number of things to our international colleagues because this is global action that is needed to deal with a global problem, and in our own country we'll do whatever is necessary to make sure that people have confidence both in the system and we restore the prosperity of the country." |