Darling warns of bumpy road ahead

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Andrew Feinberg

White House Correspondent

Chancellor Alistair Darling warned of a bumpy road ahead for the economy as he promised tighter regulation to stabilise the banking system.

In his keynote speech to the Labour conference, Mr Darling said Britain had the right Prime Minister to guide the country through this turbulent period.

The country was in better shape now than in the past to "weather these global storms".

But he warned: "We are on a difficult road and there will be, I am afraid, bumps along the way."

And he vowed: "I will continue to do whatever it takes to maintain financial stability and I remain confident we will do so."

Mr Darling acknowledged the country had faced "unprecedented" challenges in recent months.

"These are very uncertain times. But one thing I am certain about is that we have the right Prime Minister, the right team and the right policies to help the country through them.

"A Prime Minister with experience and judgment who has helped deliver a decade of rising living standards. These qualities are going to be needed here and across the world."

He said the Government had to put in place measures to stop the current problems from being repeated and strengthen stronger global supervision.

"The first priority is to stabilise the banking system. If we don't the whole world economy is at risk."