Word: cromer
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...singlehanded brought down the Labor government in 1931 by publicly criticizing its extravagant policies. Since then, little love has been lost between Labor's leaders and the Old Lady of Threadneedle Street. Last week the bank's current governor, George Rowland Stanley Baring, the third Earl of Cromer, stirred Britain and shocked Labor with the sternest public lecture on economy yet issued by a public servant under the Wilson government. The tough talk showed the considerable extent to which British politics are being influenced by the country's bankers...
...reckoning is at hand, Lord Cromer told a gathering of Scottish bankers in Edinburgh. The $3 billion international rescue that saved the Brit ish pound last November "no more guarantees our future than Dunkirk presaged swift victory in 1940." If the government is to prevent hardship for every British family, he said, it must quickly and decisively put its house in order by boosting productivity and cutting back on its spending schemes. Said he: "I only hope we face up to this need whilst there is still time...
...King & J. P. Morgan. Lord Cromer thus stepped right into a behind-scenes Cabinet hassle over what kind of budget the government should present to Commons in April. Chancellor of the Exchequer James Callaghan reportedly wants to temper spending with a basically deflationary budget, is willing to risk a rise in unemployment; Economics Minister George Brown argues that Britain must proceed with wage rises and welfare spending. For candidly coming out on the side of Callaghan, Lord Cromer earned criticism from both left and right. The Laborite New Statesman lashed him for "calculated political intervention," and the Financial Times faulted...
...dropped out after a year), wartime service in the Grenadier Guards, and a postwar stint with J. P. Morgan & Co. in Manhattan before he became managing director of the family bank in 1947. Sent to Washington in 1959 as Britain's chief economic representative to the U.S., Lord Cromer won a reputation for entertaining well and reporting incisively. In 1960 Harold Macmillan appointed him as the youngest governor of the Bank of England in two centuries. Soon after he took office, he stirred a tempest by publicly criticizing the Tory government for spending too heavily...
...City leaders descend from the merchant bankers who bankrolled Britain's colonial expansion and cleared whole continents in the days when sterling was supreme. The most influential among them is the scion of a 200-year-old banking family: George R. S. Baring, 46, third Earl of Cromer, who, as the outspoken and energetic Governor of the Bank of England, was the chief British architect of last fortnight's $3 billion rescue of the pound. At the top of the private banks are scores of modern-day Rothschilds, Schroders, Brandts, Hambros and other heirs to ancient City fortunes...