Former Chancellor Alistair Darling Dies Aged 70

THE GUARDIAN: Veteran Labour MP served as chancellor under Gordon Brown from 2007 to 2010

Alistair Darling pictured at his home in Edinburgh in 2014. He stepped down from parliament the following year. Photograph: Murdo MacLeod/The Guardian
The former chancellor Alistair Darling has died aged 70, a spokesperson for the veteran Labour politician’s family has said.

A statement issued on behalf of the family said: “The death of Alistair Darling, a former chancellor of the exchequer and long-serving member of the Labour cabinet, was announced in Edinburgh today.

“Mr Darling, the much-loved husband of Margaret and beloved father of Calum and Anna, died after a short spell in Western General hospital under the wonderful care of the cancer team.” » | Heather Stewart and Severin Carrell | Thursday, November 30, 2023

Darling: Cyprus Savings Raid Could Trigger Bank Runs Across Europe
THE DAILY TELEGRAPH: Bank runs and financial panic could spread across Europe after Cyprus proposed raiding people's savings for a new bail-out, Alistair Darling has said.

The former Chancellor said Cyprus is doing "everything you should not do" after the tiny country decided to seize around 6.75 per cent from smaller deposits and almost 10 per cent from larger ones.

The country is currently deciding whether to make richer savers pay a bigger proportion of the bill but Mr Darling said the whole idea of taking money from ordinary savers is dangerous.

He said EU should not be letting Cyprus "blow apart" the principle of protecting deposits under €100,000, as people will start pulling their cash out of banks if they fear this elsewhere.

"It seems to me to make it more likely that if you’re a saver in Spain or Italy, if you have a sniff of the EU or the IMF coming your way you’ll take your money out and you’ll get a run on the bank," he told BBC Radio Four's Today programme.

"So what they’re doing is everything you should not do when you’re trying to solve a problem like this." » | Rowena Mason, Political Correspondent | Tuesday, March 19, 2013

Alistair Darling Trapped in Euro Deal
THE TELEGRAPH: Alistair Darling has agreed to consult directly with George Osborne and Vince Cable as European leaders looked poised to push through a new multi-billion pound bail-out fund part-financed by British taxpayers.

Mr Darling, who is still officially Chancellor of the Exchequer, will represent Britain at an extraordinary meeting of European finance ministers in Brussels today, slated to adopt far-reaching new powers for the Commission and its fellow bodies.

The meeting is the first major policy test for the hung parliament, coming with Britain in limbo between two governments. In a sign of the highly unusual nature of the situation, the Chancellor has privately committed to consulting before the meeting with his counterparts in the Conservatives and Liberal Democrats.

However, despite the likelihood that Labour will be ejected from Downing Street imminently, Mr Darling will have the final say over Britain's vote on participation in the new scheme.

The proposal, tabled by Nicolas Sarkozy in an emergency meeting late on Friday night, will involve the creation of a €60bn "European stabilisation mechanism" designed to provide bail-out support for countries which may face similar strain to Greece in the coming months.

It is thought to be focused particularly on Spain and Portugal, both of whose leaders fear an assault by "bond vigilantes" in the market who have scented weakness within the eurozone. The plan will have fiscal implication for all European Union countries, including the UK. The key element is an extension of an existing bail-out package, already used to support Hungary and Latvia. >>> Edmund Conway and Bruno Waterfield | Saturday, May 08, 2010

We Are in Charge Now, Sarkozy Tells the City
TIMES ONLINE: Alistair Darling has delivered a blunt warning to the EU’s new French finance chief against meddling with the City of London.

As Nicolas Sarkozy gloated over impending curbs on the City, the Chancellor said that such moves would drive financial services out of Europe.

The French President’s glee at the appointment of Michel Barnier as Commissioner for the Single Market took on an edge of menace yesterday when he said that unfettered City practices must end.

“Do you know what it means for me to see for the first time in 50 years a French European commissioner in charge of the internal market, including financial services, including the City [of London]?" he said yesterday.

"I want the world to see the victory of the European model, which has nothing to do with the excesses of financial capitalism," he said. >>> Francis Elliott, Suzy Jagger, Martin Waller and David Charter | Wednesday, December 02, 2009

TIMES ONLINE: Banks blast 'hostile' Sarkozy over City rule gibe >>> Robert Lindsay | Wednesday, December 02, 2009

Budget 2009: Now We Are All Up to Our Ears in It
THE TELEGRAPH: Alistair Darling's calamitous Budget not only consigned the nation to decades of debt, but also planted a poisonous legacy that will blight generations to come, says Jeff Randall.

"To preserve [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude." – Thomas Jefferson, President of the United States of America,1801-1809.

This week, Alistair Darling made a selection for us. His Budget for Bankruptcy banished economy and liberty. In their place, he delivered a profusion of unaffordable spending and a contract of servitude, not just for this generation, but for the next and the one after that. This is how independence is murdered. A ball-and-chain of spirit-sapping debt has been clamped to the nation's future. We are all serfs now.

In a speech of stunning torpidity (how does he manage it?), the Chancellor claimed: "You can grow your way out of recession, you can't cut your way out of it." Growth sounds attractive, an aspiration for solid citizens. Except the growth that Mr Darling had in mind was government borrowing, which is shooting up like bindweed on steroids, choking the economy.

His red numbers are so immense that most pocket calculators cannot accommodate them. Over the next five years – if all goes according to plan – Mr Darling will borrow £703,000,000,000. As the late Roy Castle used to say: "It's a record breaker!"

The United Kingdom is mired in debt, and the Chancellor's fiendishly clever escape route is, er, to borrow his way out of it. He's in a hole and digging furiously. Yet Gordon Brown, whose face is beginning to resemble a smacked bottom, was delighted by his cipher's performance. This style of presentation – straight from the Ceausescu handbook of statistics management – appeals to the Prime Minister's control-freakery.

It sounds complicated, but is surprisingly simple. You start with a politically desirable conclusion – in this case, the triumph of a suffocating state over personal responsibility, self-sufficiency and wealth-creating enterprise – and work backwards: cheating, lying, fiddling the numbers, until both sides of the balance sheet appear to be in harmony. This is how Labour operated its fraudulent boom. The same trick is being tried in a catastrophic bust. >>> By Jeff Randall | Thursday, April 23, 2009

THE TELEGRAPH: This Budget Will Make Us Pay for Britain's Excesses for Decades

Now we must all pay for the wild excesses of an irresponsible minority, says Adrian Michaels.

I wish I had known I was having such a good time. I will, according to the Budget, be paying for the country's excesses for decades. It is time to pull in the horns and tighten the belt. But wait. My belt doesn't have any more notches. I've been presented by Alistair Darling with the bill for a party I didn't attend.

For months now we have been hearing that it is bankers that brought the global economy to its knees through their irresponsible business practices, made possible by compliant and inattentive politicians and regulators. Meanwhile, people in financial services were paid far too much for their destructive corporate behaviour.

How much, exactly? In December 2007, 15 bankers – all men, of course – sat down for lunch at the Cap Horn, a mountain restaurant in the French ski resort of Courchevel. It was just turning dark when they paid the 28,000 euro bill. There were no prostitutes or drugs, I am informed, and the near-2,000 euros-a-head tab did not afford access to the President of the United States. No. The bankers were playing "Par One Hundred" – a drinking game in which the object would appear to be to vomit on your neighbour as fast as possible – with magnums of Krug champagne. The Cap Horn currently charges 850 euros for a magnum of 1997 Krug.

So what? "They're on a different planet," one friend said. That is the problem, however: bankers are not on a different planet, they are on exactly the same one as the rest of us. If they really were otherworldly, we could just forget about them and their lunches. But we all pay the price for their behaviour. The cheapest item on the Cap Horn's menu is cream cheese with salt and pepper at 13 euros. "Spaghetti à la Bolognaise" is 25 euros.

So not only weren't we at the party that has just ended, the quality of our own lives was made worse by the fiesta's participants. Bankers made sure that we could not eat in the same restaurants as in the past, we could not take holidays in a growing range of destinations, and we could not live where we wanted. Ask the residents of Salcombe in Devon – "Chelsea-on-Sea" as it has become known – about the empty homes in winter and the fancy delis selling porcini mushrooms instead of corner shops selling pints of milk and packets of Quavers. >>> By Adrian Michaels | Thursday, April 23, 2009