Word: chancellor
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...economic "war cabinet," or giving speeches and blitzing every conceivable media outlet. He has traveled to the European Council in Brussels and before that to Paris for an emergency summit of euro-zone countries - even though he refused to adopt the euro during his 10-year tenure as Chancellor of the Exchequer. With marked success, his Treasury successor, Alistair Darling, has promoted the patented Brown rescue plan to the IMF, the G-7 and the G-20. Even U.S. Treasury Secretary Henry Paulson has recalibrated his scheme along Brownian lines...
...support the government's efforts to end the turmoil, but are itching to emphasize Brown's own role in creating it. "When he rewrote financial regulation in 1997, Gordon Brown took away the Bank of England's power to call time on the build-up of debt," Conservative Shadow Chancellor George Osborne tells Time in a rare frontal attack. "The result is that we now have the most personal debt of any major economy ever...
...huge financial assistance, Tuesday's repeat came as those measures were backed up by actual figures in both Europe and the U.S. In Paris on Monday, French President Nicolas Sarkozy pledged $488 billion to underwrite loans between banks and inject capital into troubled banks and financial groups. Similarly, German Chancellor Angela Merkel said up to $651 billion would be used for similar uses - though primarily limited to underwriting lending between banks. Austria, Spain and the Netherlands weighed in with similar plans under a coordinated euro-zone strategy that some analysts have pegged as adding up to as much...
...boats being rammed, ending in the 1970s with an agreement that many British fishermen still blame for limiting their catches. If Brown fails to retrieve British cash from Iceland, a wider swath of the population - all British taxpayers, in fact - will feel the effects this time around. His chancellor, Alistair Darling, promised U.K.-based private investors on Wednesday that the government would cover their full potential losses after IceSave, an Internet subsidiary of Landsbanki that attracted customers with a range of high-interest products, ceased trading...
...this amounts to a particularly tricky issue for one man who has played a key role in the City's growth: Prime Minister Gordon Brown. As Chancellor of the Exchequer for 10 years, his support for financial services was especially notable because his Labour Party had a history of antagonism with the City. Brown sought to convince the financial community that New Labour would be probusiness, pro-enterprise, noninterventionist and keen to cosset the rich, believing their wealth would trickle down into the wider economy. Brown also led the way for Britain to put in place a new governance system...