London  - The British government will introduce legislation to tighten up supervision of the banking system and "review the bonus culture" in the City of London, Chancellor of the Exchequer, Alistair Darling, said Monday.

Speaking at the Labour Party conference in Manchester, northern Britain, Darling warned of a "bumpy road ahead" for the economy but insisted that Britain was well equipped to "weather these global storms."

He said Britain was putting in place, "here and internationally," tougher financial regulations to stabilize the banking system.

Darling and Prime Minister Gordon Brown are due to fly to New York later this week to take part in discussions on enhanced global financial regulation at the United Nations.

At home, a package of measures would be introduced to parliament in October to strengthen supervision of the banking system and make it easier to intervene if a bank gets into trouble.

He pledged to look at the culture of "huge bonuses which have distorted the way decisions are made."

However, Darling stopped short of announcing a clampdown on the practice of paying performance-related bonuses to individuals in world of finance and banking, which some analysts have said is partly to blame for the current crisis.

At the Labour conference, trade union leaders have been calling for an end to the bonus culture and "greed in the City," and also demanded a so-called windfall tax on the profits of oil companies.

"If you can't regulate the bonus culture, then tax it out of existence," Derek Simpson, leader of the Unite industrial trade union said Monday. (dpa)