Brown needs Darling in these troubled times

September 22, 2008

    One thing looks certain after Alistair Darling’s speech to***the Labour Party conference on Monday — he’ll be Chancellor of***the Exchequer for a while yet.******    Prime Minister Gordon Brown is expected to reshuffle his***ministerial team next week and there’s been a lot of speculation***that Darling could lose his job and be moved to another***department.******    The silver-haired finance minister has had a rough ride***lately. The economy is on the brink of recession and his***comments in a magazine interview saying the economic challenges***were the greatest in 60 years caused a furore and were blamed***for sinking the pound.******    But delegates at the Labour conference today just loved him.***They stood and clapped and then they clapped some more after***Darling hit out at unfettered capitalism and the huge payouts***given to bankers that he said helped cause the credit crunch.******    Darling looked genuinely embarrassed. He called for them to***stop but the delegates just went on. Besides modesty, the***finance minister had another reason for wanting them to stop.******    He had another type of conference call to attend to. A G7***one. The finance ministers and central bankers of the rich***nations club were having a hastily-arranged telephone chat at***1230 London time to discuss the latest bout of market turmoil.******    Given London’s position as one of the world’s top financial***centres, Darling could hardly miss out and he rushed off the***stage to get on with his G7 buddies.******    The crisis also looks to have cemented Darling’s position.***It would seem odd to remove the finance minister when the whole***world financial system is in the middle of the biggest upheaval***in a generation.******    With Brown making his economic experience a key selling***point, he needs Darling on side.

2 comments

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/

Completely irrelevant in the current situation but a nice enough chap who stood in as a fall guy for Brown, so give him a big hand!!Isn’t that what the applause was all about?As for who caused the credit crunch, the plain fact is that Brown, along with Bernanke et al, was very happy to keep interest rates artificially low and credit easily available in order to fuel his “economic miracle”. Don’t blame the bankers. No-one elected THEM to run the economy prudently and they just filled their boots along with everyone else.

Posted by Mike T | Report as abusive

Brown and co are reaping their just reward. Pillaging business and the tax payer over many years has finally taken it’s toll.With the cupboard now bare and huge PFI spending cost to be paid back over the next 20 years we are in for a long hard slog.Brown’s mistakes are endless and his legacy to the country will take years of unraveling.Brown will have the luxury in retirement of a large government pension unlike the diminishing savings many see withering on a daily basis.Don’t blame the markets and the global economic slow down. You cannot buck the market! GB just go back to Fife, and let some else clear the mess up

Posted by Robert Barbour | Report as abusive