Word: labouring
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...Everyone has his day, and some days last longer than others." Winston Churchill's aphorism resonates for his 21st century successor, Gordon Brown. Just weeks ago the British Prime Minister looked fist-clenchingly impotent as insurrection bubbled in Labour's ranks and his Conservative opponents thumbed their noses from the safe distance of a 20-point poll advantage. Then came convulsions in the global economy. The scramble to avert meltdown drove Labour rebels into retreat, halved the Tory lead and granted Brown more than just a reprieve from domestic woes. As Congress bickered over the U.S. bailout and European leaders...
There's nothing like an external enemy to make a country pull together, and Britain, fractious and dissatisfied with its Labour government until recently, has found a fresh foe: Iceland. The tiny country's benign image as a land of geysers and the midnight sun has been swiftly eclipsed by its new incarnation as the mustache-twirling villain of the credit crunch. Britons - from private individuals to local government, charities and public bodies - have deposited some $34 billion in Iceland's financial institutions, among them Landsbanki, which went into receivership this week, and Kaupthing, the country's biggest bank, which...
...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...
...annual Labour Party conference last month in Manchester, delegates adopted a new vocabulary. In fringe meetings, speakers inveighed against "the spivs" who caused the mess, while union leaders and politicians raised cheers by bashing the rich. Brown's keynote speech talked of a new era that demands heavier regulation, an era in which the rich will "be able to look after themselves." That sort of talk sets off alarm bells. "There is a risk that a mood could emerge, an anti-City mood," says Douglas McWilliams, chief executive of London's Centre for Economics and Business Research. "You sense that...
...finds it harder back home to win over doubters to a plan that could cost British taxpayers dearly, though he promises they may eventually earn dividends from the investments backed with their own money. Yet the crisis has had a bracing effect. A recent mutiny against his leadership in Labour ranks evaporated after a bold Cabinet reshuffle, and rebels shrank back from a coup attempt at such a tense time. "Who would have dreamed that a financial crisis would have given Labour a lifeline?" former Home Secretary David Blunkett wondered aloud at a drinks reception on London's South Bank...