Alistair Darling/Timelines: Difference between revisions
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==2007 to 2010== | ==2007 to 2010== | ||
'''2007''' | |||
* | '''2008''' | ||
* February: The ''Northern Rock'' bank is "nationalised" [http://news.bbc.co.uk/1/hi/business/7249575.stm] | |||
* | * March: Budget[http://www.direct.gov.uk/en/Nl1/Newsroom/Budget2008/index.htm][http://webarchive.nationalarchives.gov.uk/+/www.direct.gov.uk/en/Nl1/Newsroom/Budget2008/DG_073113] "To strengthen the public finances over the next five years, Labour plans to allow the tax burden to increase by 1.0% of national income (£14 billion) and to cut public spending by 0.5% of national income (£7 billion)" (IFS assessment[http://www.ifs.org.uk/budgets/gb2008/08chap2.pdf]). | ||
* October | * April: Bank of England announces its ''Special Liquidity Scheme'' to allow banks to swap some of their [[Liquidity|illiquid]] assets for liquid Treasury [[Bills]] for up to three years [http://www.bankofengland.co.uk/markets/sls/sls-information.pdf]. | ||
* September: The ''Bradford and Bingley'' bank is "nationalised" [http://news.bbc.co.uk/2/hi/business/7640143.stm], and the ''Halifax/Bank of Scotland'' bank is rescued from [[bankruptcy]] by a bid from Lloyds TSB [http://news.bbc.co.uk/1/hi/business/7622380.stm] | |||
* October: A £20 billion [[fiscal stimulus]] including a temporary reduction in [[Taxation#Taxes on consumption|value added tax]] (amounting to about 1 per cent of GDP)[http://webarchive.nationalarchives.gov.uk/20100407010852/http://www.hm-treasury.gov.uk/prebud_pbr08_index.htm]; suspension of the [[Fiscal policy/Addendum#The UK's Code for Fiscal Stability|code for fiscal stability]]. | |||
: unlimited support to all UK banks and undertakes to inject capital or take [[equity]] in banks and to guarantee [[interbank lending]] [http://news.bbc.co.uk/1/hi/business/7658307.stm] [http://news.bbc.co.uk/1/hi/business/7658277.stm]. | : unlimited support to all UK banks and undertakes to inject capital or take [[equity]] in banks and to guarantee [[interbank lending]] [http://news.bbc.co.uk/1/hi/business/7658307.stm] [http://news.bbc.co.uk/1/hi/business/7658277.stm]. | ||
* November | * November: [http://www.hmrc.gov.uk/pbr2008/][http://www.direct.gov.uk/en/Nl1/Newsroom/Pre-BudgetReport2008/index.htm] Pre budget report: A reduction in the rate of value added tax from 17.5% to 15% from 1 December 2008 until 31 December 2009. | ||
'''2009''' | |||
* January | * January: The [[Bank of England]] is to set up a Treasury-financed ''Asset Purchase Facility'' to buy high-quality assets for the purpose of [[quantitative easing]] operations [http://www.bankofengland.co.uk/markets/apf/]. | ||
: Interviewed by Jeff Randall [http://www.youtube.com/watch?v=DYQzFQ4PUHM] [http://www.youtube.com/watch?v=pTIfsDkz5r8] "''forces of hell''". | : Interviewed by Jeff Randall [http://www.youtube.com/watch?v=DYQzFQ4PUHM] [http://www.youtube.com/watch?v=pTIfsDkz5r8] "''forces of hell''". | ||
* February | * February: Launch of the Government's Asset Protection Scheme[http://www.hm-treasury.gov.uk/asset_protection_scheme.htm] - under which firms are offered protection against banking losses in return for a fee. | ||
* March | * March: Budget [http://www.direct.gov.uk/en/Nl1/Newsroom/Budget2009/index.htm] Alistair Darling forecasts a return to growth in the 4th quarter of 2009 and growth of between 1 and 1½ per cent in 2010. | ||
: budget speech [http://www.guardian.co.uk/uk/2009/apr/22/budget-2009-alistair-darling-speech] | : budget speech [http://www.guardian.co.uk/uk/2009/apr/22/budget-2009-alistair-darling-speech] | ||
* February | '''2010''' | ||
* February: The ''Fiscal Responsibility Act''<ref>[http://www.opsi.gov.uk/acts/acts2010/en/ukpgaen_20100003_en.pdf Fiscal Responsibility Act, Stationery Office, February 2010]</ref> - imposes a duty on the Treasury to ensure that by the financial year ending 2014 public sector net borrowing as a percentage of GDP is at least halved from its level for the financial year ending 2010, and to make continuing reductions thereafter. | |||
* March | * March: Budget[http://www.direct.gov.uk/en/Nl1/Newsroom/Budget/Budget2010/DG_188139]- a fiscal expansion of 0.5 per cent, followed by contractions of 0.8 per cent each year until 2013/14, by which time the budget deficit would halved. | ||
Revision as of 03:29, 2 November 2010
1997 to 2007
(from the biography page of Alistair Darling's website[1])
- 1978 - 82: Solicitor
- 1984: Admitted to Faculty of Advocates
- 1982 - 87: Councillor, Lothian Regional Council
- 1987: Elected as MP for Edinburgh Central
- 1988: Opposition spokesman for Home Affairs
- 1992: Opposition spokesman for Treasury Economic Affairs and the City
- 1996: Shadow Chief Secretary to the Treasury
- 1997: Chief Secretary to the Treasury
- 1998: Secretary of State for Social Security
- 2001: Secretary of State for Work and Pensions
- 2002: Secretary of State for Transport
- 2003: Secretary of State for Scotland
- 2006: Secretary of State for Trade and Industry
- June 2007: Chancellor of the Exchequer
2007 to 2010
2007
2008
- February: The Northern Rock bank is "nationalised" [2]
- March: Budget[3][4] "To strengthen the public finances over the next five years, Labour plans to allow the tax burden to increase by 1.0% of national income (£14 billion) and to cut public spending by 0.5% of national income (£7 billion)" (IFS assessment[5]).
- April: Bank of England announces its Special Liquidity Scheme to allow banks to swap some of their illiquid assets for liquid Treasury Bills for up to three years [6].
- September: The Bradford and Bingley bank is "nationalised" [7], and the Halifax/Bank of Scotland bank is rescued from bankruptcy by a bid from Lloyds TSB [8]
- October: A £20 billion fiscal stimulus including a temporary reduction in value added tax (amounting to about 1 per cent of GDP)[9]; suspension of the code for fiscal stability.
- unlimited support to all UK banks and undertakes to inject capital or take equity in banks and to guarantee interbank lending [10] [11].
- November: [12][13] Pre budget report: A reduction in the rate of value added tax from 17.5% to 15% from 1 December 2008 until 31 December 2009.
2009
- January: The Bank of England is to set up a Treasury-financed Asset Purchase Facility to buy high-quality assets for the purpose of quantitative easing operations [14].
- February: Launch of the Government's Asset Protection Scheme[17] - under which firms are offered protection against banking losses in return for a fee.
- March: Budget [18] Alistair Darling forecasts a return to growth in the 4th quarter of 2009 and growth of between 1 and 1½ per cent in 2010.
- budget speech [19]
2010
- February: The Fiscal Responsibility Act[1] - imposes a duty on the Treasury to ensure that by the financial year ending 2014 public sector net borrowing as a percentage of GDP is at least halved from its level for the financial year ending 2010, and to make continuing reductions thereafter.
- March: Budget[20]- a fiscal expansion of 0.5 per cent, followed by contractions of 0.8 per cent each year until 2013/14, by which time the budget deficit would halved.