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PERSONS IN NEWS - December 2023

Dec 2023

Dec 01, 2023

Ex-UK Finance Minister Alistair Darling, Who Fought Financial Crisis, Dies

  • Former British Finance Minister Alistair Darling, who steered the country's economy and banking system through the shock of the global financial crisis in 2007-08, died aged 70.
  • Darling was appointed Chancellor of the Exchequer by former Prime Minister Gordon Brown in June 2007, just as the crisis was brewing at some of the world's biggest financial institutions.
  • He oversaw the rescue of British lender Northern Rock a few months into the job. In October 2008, he played a key role in a 37 billion-pound ($47 billion) government bailout of Royal Bank of Scotland, Lloyds TSB and HBOS to help them survive the credit crunch.
  • Darling was a member of parliament representing the centre-left Labour Party between 1987 and 2015 and he served as chief secretary to the Treasury before being promoted to run the finance ministry by Brown.
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