Darling’s antics expose myth of Bank of England independence
29 September 2007
Until last week, the world had almost forgotten that Alistair Darling even existed.
Until last week, the world had almost forgotten that Alistair Darling even existed. The Chancellor of the Exchequer, supposedly the second most powerful man in British government, seemed to have vanished from the political map. Darling specialises in making departments uninteresting. He is used as a political fire extinguisher, sent to follow ministers whose adventures cause problems. Yet not this time: his arrival at 11 Downing Street has almost perfectly coincided with an implosion in the global financial markets.
His performance has been truly dismal. Any Northern Rock investor listening to his prevarication last Friday morning, shortly after the crisis burst out in the open the previous evening, could have been forgiven for heading straight to the high street. He has got his acts muddled, vented his exasperation, stuttered and done everything one does not want to hear from a chancellor in times of crisis. On Monday morning, he was asked on the radio why he did not pledge to underwrite 100% of Northern Rock’s liabilities. By Monday evening, this was his policy.
More articles from: Fraser Nelson | this section
Post this entry to: del.icio.us | Digg | Newsvine | NowPublic | Reddit
Advertisement
The Spectator Business News Update
FTSE ends modestly lower as holiday companies slump
20/11/2009FTSE turns lower midday as holiday companies tumble
20/11/2009 20/11/2009 20/11/2009sponsored links
In this section
City pay is no side issue: it’s an affront to society
Roger BootleKeep on digging: Boris’s route to recovery
Elliot Wilson Martin Vander WeyerFor whom the tolls mean tax-free profits
Neil CollinsThere’s worse to come as we all get older
Ruth Lea
GASCONY
GASCONY, SW France, near Condom-en-Armagnac 13th Century stone house, 21st Century luxury for 12 in 5 en-suites. 50 acres +
BIG SAND STEEL BAND
IF YOU ARE PLANNING A CHAMPAGNE RECEPTION and looking for some light entertainment, you can now hire London's busiest steel
BOSC LEBAT, Tarn et Garonne.
BOSC LEBAT, SW France. Only 45 minutes from Toulouse Airport with daily flights from most provincial airports avoiding the horrors
Spectator Business | Apollo Magazine
Corporate | Advertising | Privacy | Terms
Spectator, 22 Old Queen Street, London, SW1H 9HP
All Articles and Content Copyright ©2009 by The Spectator | All Rights Reserved
Be the first to comment on this article!
Back to top