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G20 leaders meeting in London this week will agree new global rules on bankers' pay, British Prime Minister Gordon Brown said.
Speaking two days before the crunch summit, Brown lamented the relative lack of regulation of the financial sector in recent years, saying: "free markets became worshipped as a god, but that god was false."
"You will find on Thursday at the G20 that for the first time ever, the world economies will agree international rules for the remuneration of bankers," he said in a speech at London's historic St. Paul's Cathedral.
"In other words, every country will sign up to a set of rules that we and others will apply to the banking system," he added, after giving a speech calling for a sense of morality to be restored to the global financial system.
"The difficulties in the past have led to us agreeing that there will be global rules in this area for the future," he added.
Brown will play host to US President Barack Obama and his counterparts from the Group of 20 leading developed and developing countries at Thursday's summit in east London's docklands.
The British leader emphasised the need for regulation to have a moral dimension during a pre-summit speech at London's historic Saint Paul's Cathedral, alongside Australian Prime Minister Kevin Rudd.
Rules for bankers' pay was part of this, Brown said.