HIGHLIGHTS-UK's Darling speech to ruling Labour party

BRIGHTON, England, Sept 28 (Reuters) - Below are highlights from British finance minister Alistair Darling's speech to his ruling Labour party at its annual conference on Monday. FINANCE MINISTER ALISTAIR DARLING

On fiscal responsibility legislation:

"We must keep the public finances on a sustainable path. The long-term health of our economy depends on it."

"That is why we will introduce a new Fiscal Responsibility Act to require that the government reduces the budget deficit year on year, ensuring that the national debt remains sustainable in the medium term."

On bank bonus legislation:

"In the next few weeks we will introduce legislation to end the reckless culture that puts short-term profits over long-term success."

"It will mean an end to automatic bank bonuses year after year. It will mean an end to immediate pay-outs for top management. Any bonuses will have to be paid over years, so they can be clawed back if not warranted by long-term performance."

On economy:

"Many independent forecasters now believe the UK too is coming out of recession. I think it is too early to say so with total confidence."

"But I stick with my Budget prediction that, as long as we continue to support the economy, recovery will be underway in the UK by the turn of the year."

On exit strategy:

"Whether right or left, in Beijing or Berlin, they know that withdrawing support before recovery is secured risks plunging us back into recession. We can't sit back and relax."

On unemployment:

"Even when we begin to see growth in the economy again, unemployment is likely to keep rising for some time."

On government borrowing:

"It will be equally irresponsible, once recovery is secured, not to take tough action so we can live within our means ... The steps we've taken to raise revenue are not enough. In order to get borrowing down, spending will have to be tighter in the years ahead, against a background where public investment has tripled over the past decade."

"I believe the public understand that difficult decisions will be needed."

(Reporting by Keith Weir, Sumeet Desai and Matt Falloon)