Gordon Brown demands emergency budget

Was going to quote that article on Sky News Casdon but I see you have provided a link, which is better.

Anyone think that Gordon Brown was having a bit of a pop at Keir Starmer when he said that crisis don't go on holiday, as has been suggested on some TV interviews, it doesn't sound like him, but what do others think?

I understand that 1) Gordon Brown has been advising Starmer and, 2) from the Labour List website that Labour is working on a series of proposals that will be announced next week.

It seems a bit 'better late than never and I'm not sure that I hold out much hope for workable ideas.. The problem for me being that Labour is clinging to the 'household budget' myth and 'fiscal responsibility', when in fact the crisis calls for bold action.

Ilovecheese

Anyone think that Gordon Brown was having a bit of a pop at Keir Starmer when he said that crisis don't go on holiday, as has been suggested on some TV interviews, it doesn't sound like him, but what do others think?

No I don’t think he was, he was directing that at Johnson and the rest of the cabinet because they are the ones who will set an emergency budget. Starmer has been working with Brown (good), and I’m sure the Labour proposals will appear shortly, but at the end of the day it’s what the government do that matters, isn’t it?

MaizieD

I understand that 1) Gordon Brown has been advising Starmer and, 2) from the Labour List website that Labour is working on a series of proposals that will be announced next week.

It seems a bit 'better late than never and I'm not sure that I hold out much hope for workable ideas.. The problem for me being that Labour is clinging to the 'household budget' myth and 'fiscal responsibility', when in fact the crisis calls for bold action.

I think Labour may still be talking about fiscal responsibility because of worries about what the tabloid press will say about their financial plans. there are still thousands of people who believe whatever the RW press tell them about Labour.

For anyone who still thinks that Gordon Brown was responsible for the 2008 crash, I suggest that you watch Margin Call which is based upon the collapse of Lehman Brothers An excellent film, starring Jeremy Irons and with a good cast.

Casdon

Ilovecheese

Anyone think that Gordon Brown was having a bit of a pop at Keir Starmer when he said that crisis don't go on holiday, as has been suggested on some TV interviews, it doesn't sound like him, but what do others think?

No I don’t think he was, he was directing that at Johnson and the rest of the cabinet because they are the ones who will set an emergency budget. Starmer has been working with Brown (good), and I’m sure the Labour proposals will appear shortly, but at the end of the day it’s what the government do that matters, isn’t it?

Unlike Johnson Starmer is a loyal family man who adores his wife ( ie the only one he’s ever had) and his children. He’s also very protective of them. Given the political turmoil that we’re facing I think he had every right to spend some quality time with his family. He wouldn’t have done it if parliament had been recalled. And he has a shadow cabinet that are working hard to find ways to help the people in this country most at risk during the current crisis.

Dinahmo

For anyone who still thinks that Gordon Brown was responsible for the 2008 crash, I suggest that you watch Margin Call which is based upon the collapse of Lehman Brothers An excellent film, starring Jeremy Irons and with a good cast.

The Labour government stood by and allowed banks in the UK to take far too many risks, they were out of control. Making bad investments and lending more than the asset value. Northern Rock Bank was lending 120% of the value. Normal banking practice before and after is to lend 80-90% for mortgages and then only if the person can afford the repayments.

It was the practice of that era for banks not to separate commercial and consumer lending, which led to RBS and others to use consumer deposits to buy high risk assets. If a commercial loan goes wrong, companies go bankrupt, shareholders loose money it happens all the time, everyone knows the risks. If a retail bank goes bankrupt domestic customers loose their deposits and savings, no government can allow that.

It happened on his watch as chancellor, he did not have to follow the US but until the crash it was easy money. Brown may well be a nice guy, a faithful husband, a committed Christian, he may even be correct with his recent comments on poverty. In the years before the 2008 crash he lost control.

I imagine Gordon Brown to be the sort of person who learns from past mistakes. That would make him an excellent person to offer advice on the current crisis and how best to tackle it.

He's head and shoulders above the 'best' the current government can offer. Both Truss and Sunak look out of their depth already, so heaven only knows how the one who becomes the new PM will tackle this. We can only hope that whichever it is, they have someone with Brown's experience and intelligence lined up to be chancellor or, at the very least, to advise the chancellor.

Well history hasn’t judged him the way you have Katie59, he’s widely held as the best Chancellor of the Exchequer Britain has had - but you obviously know better. Are you an economist?

He's asking for a Tory emergency budget?? One designed by Truss?? He's muddle-headed, surely.

Casdon

Well history hasn’t judged him the way you have Katie59, he’s widely held as the best Chancellor of the Exchequer Britain has had - but you obviously know better. Are you an economist?

If he was so good why after the 2008 crash was the whole financial system overhauled, banks ordered to increase reserves, to separate retail and commercial banking and impose strict rules on Financial Advisors.

Katie59

Casdon

Well history hasn’t judged him the way you have Katie59, he’s widely held as the best Chancellor of the Exchequer Britain has had - but you obviously know better. Are you an economist?

If he was so good why after the 2008 crash was the whole financial system overhauled, banks ordered to increase reserves, to separate retail and commercial banking and impose strict rules on Financial Advisors.

I'm going to ask you again, Katie59, because you didn't answer me last time. In the runup to the GFC, i.e. in the early 2000s, were you concerned at all about lax regulation of the banking sector? Had you been pointing out the need for better regulation at that time?

Because if you are making a judgement with the benefit of hindsight on something that appears to have been internationally accepted at the time (it was a global financial crisis, it seems to me to be a tad unfair.

All polititians are judged in hindsight, Blair is being pilloried in this forum WMD might have been correct, it wasn’t, the rest is history.
I do remember money was very easy to borrow because the family business was expanding, “that will be .25% over base sir, 10 yr term no problem.”
Crazy by todays standards

All polititians are judged in hindsight, Blair is being pilloried in this forum WMD might have been correct, it wasn’t, the rest is history.
I do remember money was very easy to borrow because the family business was expanding, “that will be .25% over base sir, 10 yr term no problem.”
Crazy by todays standards

Katie59

All polititians are judged in hindsight, Blair is being pilloried in this forum WMD might have been correct, it wasn’t, the rest is history.
I do remember money was very easy to borrow because the family business was expanding, “that will be .25% over base sir, 10 yr term no problem.”
Crazy by todays standards

One assumes that your family business expanded successfully in which case why the complaints about the banks' lending philosophies?

All polititians are judged in hindsight, Blair is being pilloried in this forum WMD might have been correct, it wasn’t, the rest is history.

I think you'll find that he was judged at the time, Katie59. There were massive demonstrations against the Iraq war.

Thatcher wasn't judged in hindsight, either. She was deeply unpopular before she contrived the Falklands war.

Katie59

All polititians are judged in hindsight, Blair is being pilloried in this forum WMD might have been correct, it wasn’t, the rest is history.
I do remember money was very easy to borrow because the family business was expanding, “that will be .25% over base sir, 10 yr term no problem.”
Crazy by todays standards

I think that's rubbish Katie. Thatcher had already been judged before she there was time to write the history of her leadership and so has Boris. So had Blair and Cameron. Perhaps you were just not interested when they were PM.

MaizieD

Esspee

Chardy did you mean Gordon Brown when you wrote “A man with principles?”

As I remember he raped billions out of our (your’s and my) pension funds and sold off all our gold reserves, and wasn’t he the one who introduced quantative easing - in other words printing money to pretend to pay debts?

I think you need to learn some economics.

I agree. He’s a rarity - a politician with principles in an era when it’s more fashionable to hold the public in utter contempt.

Katie59

Casdon

Well history hasn’t judged him the way you have Katie59, he’s widely held as the best Chancellor of the Exchequer Britain has had - but you obviously know better. Are you an economist?

If he was so good why after the 2008 crash was the whole financial system overhauled, banks ordered to increase reserves, to separate retail and commercial banking and impose strict rules on Financial Advisors.

The 2008 crash was caused by subprime lending turning to crap, and the subsequent restrictions were imposed as a result. Nothing to do with Labour, nothing to do with Gordon Brown. But if you listened to the Coalition government at the time, it was all their fault. Up to you whether you believe it.

Katie59

Dinahmo

For anyone who still thinks that Gordon Brown was responsible for the 2008 crash, I suggest that you watch Margin Call which is based upon the collapse of Lehman Brothers An excellent film, starring Jeremy Irons and with a good cast.

The Labour government stood by and allowed banks in the UK to take far too many risks, they were out of control. Making bad investments and lending more than the asset value. Northern Rock Bank was lending 120% of the value. Normal banking practice before and after is to lend 80-90% for mortgages and then only if the person can afford the repayments.

It was the practice of that era for banks not to separate commercial and consumer lending, which led to RBS and others to use consumer deposits to buy high risk assets. If a commercial loan goes wrong, companies go bankrupt, shareholders loose money it happens all the time, everyone knows the risks. If a retail bank goes bankrupt domestic customers loose their deposits and savings, no government can allow that.

It happened on his watch as chancellor, he did not have to follow the US but until the crash it was easy money. Brown may well be a nice guy, a faithful husband, a committed Christian, he may even be correct with his recent comments on poverty. In the years before the 2008 crash he lost control.

Which website did you lift this from ?

So I guess you all think the banking practices before 2008 were correct, as it happens we were “on the right side”of the crash but many were not. Like most of us I will take advantage of whatever legal opportunity presents itself, that does not mean I think it is right and fair.