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October 7, 2008 11:02:20 PM CDT

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Stories related to: Alistair Darling

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19 Stories

  • September 2008

    • Pound Plunges to Record Low Against Euro

      Financial Times (UK)  |  Sep 2, 08 2:26 AM CDT

      Pound Plunges to Record Low Against Euro

      (Newser) - The British pound has sunk to its lowest level ever against the euro since the European currency was introduced in 1999, the Financial Times reports. The fall follows Chancellor Alistair Darling's dire warning that the outlook for the British economy is the worst in 60 years. The pound dropped to $1.79 against the dollar, its lowest since April 2006. More »

      Tags

      United Kingdom  • euro  • financial markets  • currency  • Alistair Darling  • pound  • foreign currency

  • August 2008
  • April 2008

    • Bank of England Launches Mortgage Swap Plan

      BBC  |  Apr 21, 08 4:00 AM CDT

      Bank of England Launches Mortgage Swap Plan

      (Newser) - Commercial banks will be allowed to temporarily swap some $100 billion in troublesome mortgages for securities backed by Britain's central bank under a plan announced today, the Wall Street Journal reports. The move by the Bank of England, aimed at boosting  liquidity and confidence in the banking system, follows similar action by the US Federal Reserve. More »

      Tags

      Federal Reserve  • Gordon Brown  • mortgage  • Alistair Darling  • Bank of England  • mortgage lender  • consumer debt

    • Mortgage Crisis Spreads Across the Atlantic

      Times (UK)  |  Apr 9, 08 10:58 AM CDT

      Mortgage Crisis Spreads Across the Atlantic

      (Newser) - UK home prices tumbled 2.5% in February—the largest fall since the 1990s—as the International Monetary Fund warned that Britain could face a housing crisis similar to the US. British PM Gordon Brown insisted yesterday the decline was containable, but the Bank of England is now under serious pressure to cut interest rates at its meeting tomorrow, the Times of London reports. More »

      Tags

      credit crisis  • United Kingdom  • Gordon Brown  • housing market  • housing crisis  • Alistair Darling  • Bank of England

  • February 2008

    • How Bad Is Northern Rock?

      Financial Times (UK)  |  Feb 19, 08 1:08 PM CST

      How Bad Is Northern Rock?

      (Newser) - The subprime crisis has forced the British government to do what it dreaded: nationalize a bank. What's the fallout from the Northern Rock takeover? Gordon Brown "put quite a good face" on an unpalatable decision, says Philip Stephens of the Financial Times. Nationalization hasn't hurt him much, but the dithering has. Result: An election is probably years away. More »

      Tags

      subprime mortgages  • United Kingdom  • Gordon Brown  • Northern Rock  • Alistair Darling  • market turmoil  • nationalization

    • Move to Nationalize UK Bank Sparks Fury

      Times (UK)  |  Feb 18, 08 3:48 AM CST

      Move to Nationalize UK Bank Sparks Fury

      (Newser) - Furious shareholders concerned about the risk to their investments are blasting the British government's decision to nationalize ailing Northern Rock bank. The British Treasury is expected to face lengthy legal action from investors once the government formally announces details of the takeover today. Trading in bank shares is being suspended, and the government takeover could be completed within the week. Taxpayers have already forked over billions of dollars to prop up the troubled financial institution. More »

    • UK Nationalizes Northern Rock

      BBC  |  Feb 17, 08 12:52 PM CST

      UK Nationalizes Northern Rock

      (Newser) - British ministers plan to nationalize Northern Rock as part of a bold, desperate move to rescue the struggling bank, the BBC reports. Chancellor of the Exchequer Alistair Darling said two private bids to take over Northern Rock failed to offer “sufficient value for money to the taxpayer,” adding that London would only hold onto the bank until market conditions improve. More »

      Tags

      United Kingdom  • Richard Branson  • Northern Rock  • Alistair Darling  • Bank of England  • nationalization  • Virgin Group  • taxpayers

    • UK Scraps Plan To Tax Rich Foreigners

      Financial Times (UK)  |  Feb 13, 08 12:17 PM CST

      UK Scraps Plan To Tax Rich Foreigners

      (Newser) - Facing criticism from Britain's financial establishment and within his own Labour party, Treasury Minister Alistair Darling yesterday scrapped plans to tax "non-domiciled" foreigners as much as $60,000 a year. Investors worried the levy would push rich foreigners out of London and compromise the financial sector, the Financial Times reports. The troubles at the Treasury have led to speculations on Darling's future. More »

      Tags

      United Kingdom  • Gordon Brown  • Labour Party  • Alistair Darling

  • January 2008

    • Bank of England Governor Gets 2nd Term

      Reuters  |  Jan 30, 08 9:40 AM CST

      Bank of England Governor Gets 2nd Term

      (Newser) - Mervyn King has won a second term as governor of the Bank of England, the Fed's British counterpart, ending months of speculation about his future. Reuters reports that King will serve at the head of the UK central bank for another five years despite the City's fury at his handling of the credit crisis and the meltdown of Northern Rock. Several reports had suggested Gordon Brown and Alistair Darling were considering another candidate. More »

      Tags

      United Kingdom  • Gordon Brown  • Alistair Darling  • Bank of England  • central bank  • Mervyn King

    • Northern Rock Plan Backfires on Brown

      Times (UK)  |  Jan 22, 08 10:55 AM CST

      Northern Rock Plan Backfires on Brown

      (Newser) - A day after the chancellor of the exchequer announced new plans to accelerate the sale of Northern Rock, the British press sees serious trouble for Gordon Brown's government and no certainty that the taxpayers' $110 billion will be repaid. Anatole Kaletsky, a leading Times columnist who has been sympathetic to Labour in the past, is scathing: "Mr. Brown's career as a serious politician ended yesterday." More »

      Tags

      Gordon Brown  • Labour Party  • Northern Rock  • Alistair Darling

    • Northern Rock Bailout Plan a Money Shuffle

      Times (UK)  |  Jan 21, 08 2:21 PM CST

      Northern Rock Bailout Plan a Money Shuffle

      (Newser) - The British government today unveiled its last-gasp plan to hand off the Northern Rock hot potato and prevent nationalization, the London Times reports. Under the plan, the bank would immediately pay back the £25 billion it owes the government by selling the debt to private investors as bonds. But since the government is backing the bonds, taxpayers are still on the hook if the Rock defaults. More »

      Tags

      subprime mortgages  • United Kingdom  • Gordon Brown  • shareholders  • Richard Branson  • Northern Rock  • Alistair Darling  • Virgin Group  • private investors

    • UK To Introduce Sweeping Bank Reforms

      Financial Times (UK)  |  Jan 4, 08 10:51 AM CST

      UK To Introduce Sweeping Bank Reforms

      (Newser) - Britain's chancellor will offer sweeping new powers to that country's equivalent of the SEC to intervene in the event of a banking crisis. In an interview with the Financial Times , Alistair Darling presented a set of triggers that would allow the Financial Services Authority to step in and protect assets from a foundering bank like Northern Rock to avoid depositors panicking More »

      Tags

      subprime mortgages  • United Kingdom  • bank  • Northern Rock  • Alistair Darling  • Financial Services Authority

  • December 2007

    • Brits Hatch Secret Plan to Bail Out Northern Rock

      Guardian (UK)  |  Dec 18, 07 2:05 PM CST

      Brits Hatch Secret Plan to Bail Out Northern Rock

      (Newser) - Worried that the state might be stuck nationalizing Northern Rock, Britain has worked up a contingency plan behind closed doors to divide the troubled bank among the country’s commercial banks. A private buyout is still preferable, the Guardian reports, but some now fear the main bidders will back out, leaving the government holding the bag. More »

      Tags

      Great Britain  • cr