Gordon Brown will spearhead the first stage of plans to create a new international regulatory framework for the markets by delivering a speech to the UN today.The prime minister will also be meeting with president George Bush, to convince him of the need for further international market oversight. The US is currently in spasms of uncertainty over Mr Bush's $700 billion (£377 billion) injection to avoid economic collapse. Mr Brown has relied on his ability to create lasting change out of the current chaos as a lifesaver from his political problems at home. He used his conference speech to promise a new settlement following weeks of financial uncertainty. He has promised action on City bonuses, transparency and financial regulation. Yesterday, in a brief press conference, he called for greater cooperation from national states. "I'll be talking about this with President Bush tomorrow, but I'm already hearing consensus from European leaders," he said. Mr Brown said he was concerned about the way companies which operate across borders can escape regulation from one state when operating in another one. He also called for an international global warning system for financial problems. "Although this started in America, there are consequences for other countries, and we can work together to solve the problem," he added. The initiative comes as figures released by the World Bank suggest 1.4 billion people will continue to live in abject poverty in third world countries in 2015 – 400 million more than previous estimates. War on Want executive director John Hilary said: "Governments seem to have bottomless pockets when it comes to saving banks from their own failings. "Yet there is no such action to protect the poorest from the ravages of finance capital. Leaders at the UN summit should examine their consciences and put the needs of the poor before the interests of the banking elite."
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