Word: chancellor
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...unfortunate, to say the least, that one of the first actions of Britain's present Prime Minister, Gordon Brown, when he became Chancellor of the Exchequer in 1997, was to remove the task of bank supervision from the Bank of England and entrust it to the agency responsible for the regulation of U.K. financial markets - perhaps under the erroneous belief that financial regulation and bank supervision were much the same thing. In fact, they are fundamentally different. In any event, although Northern Rock was pursuing a conspicuously high-risk business strategy, which enabled it to increase its share...
...These things can happen. What is important is how they are dealt with when they do. There was a serious bank failure in the U.K. when Johnson Matthey Bankers collapsed in 1984, while I was Chancellor of the Exchequer. After a few days of abortive attempts to find a genuine private-sector rescue, I authorized the Bank of England to take over JMB, close the business, and sort out the mess, which it duly did. Northern Rock is a larger and more complex case, but the principles are the same. Instead, Brown and his Chancellor, Alistair Darling, spent five months...
With Christian Democrat Helmut Kohl recently installed as Chancellor of West Germany and Socialist Prime Minister Francois Mitterrand facing formidable opposition in France, the Tory triumph stirred talk of a rising conservative tide in Western Europe. The election is also heartening for Ronald Reagan, whose resolutely anti-Soviet foreign policy and free-market economic philosophy are shared by Thatcher. As he weighs a second term, Reagan cannot help noting that Thatcher scored points for bringing down inflation but did not seem to lose many for failing to cut the worrisome unemployment rate...
...longtime Laborite leftist and prime architect of the party's disastrous manifesto, planned to make a run, but his unexpected loss last week knocked him out of the race. Among the remaining moderates, the leading contenders are Roy Hattersley, Labor's spokesman for domestic affairs, and Peter Shore, shadow Chancellor of the Exchequer. Hattersley, who helped negotiate Britain's entry into the Common Market, surprised many by not breaking away to join the S.D.P. Nonetheless, he has made it clear he is at odds with Labor's manifesto; for example, he opposes unilateral disarmament and would keep Britain...
...coalition government led by center-right Chancellor Angela Merkel, the scandal could hardly have come at a worse time. Germany is already engaged in a deepening ideological battle over the bloated salaries of its top corporate executives. Socialists are calling for a statutory minimum wage, a move most conservatives oppose, as well as for a law to limit executive salaries. Many voters are angry that ordinary workers have to carry the burden of Germany's economic reforms while executives give themselves huge pay increases, and they have been flocking to an opposition party called the Left, an amalgam...