Labour prime minister whose 2008 recapitalisation of British banks became a model for bank rescues
As Chancellor of the Exchequer in Tony Blair's government from 1997 to 2007, Brown transferred interest-rate setting to the Bank of England and banking supervision to the Financial Services Authority. He was Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 to 2010. In the 2008 financial crisis his government introduced rescue packages to keep the banks afloat, taking majority shareholdings in Northern Rock and the Royal Bank of Scotland and injecting public money into other banks, and national debt rose accordingly.
Also known as: James Gordon Brown
Activities and affiliations
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1997–2007
United Kingdom state institutionsChancellor of the Exchequer
Economy, finance and planning -
2007–2010
United Kingdom state institutionsPrime MinisterMain
Government and administration -
2007–2010
Political and party leadership
Career Timeline
- 1997–2007Chancellor of the Exchequer
- 2007–2010Prime Minister and Leader of the Labour Party
- 2008.10Bank rescue packages