Between a rock and a hard place: 10 years on from Northern Rock

Wednesday 13 September 2017 Public Finances and the Economy

Discussion with former Chancellor of the Exchequer Alistair Darling

Ten years to the day that the financial crisis reached Britain with the news that Northern Rock had requested, and the Bank of England had granted, emergency financial support, the Resolution Foundation is convening key decision makers to reflect on the seismic events that followed and where they leave Britain today.

Was supporting Northern Rock and its subsequent nationalisation, along with bailouts of other banks, the right call, and was it done in the right way? What safeguards have been put in place to avoid another financial crisis? Are those shifts sufficient or has regulation now gone too far? And with the crisis reminding us that modern finance is truly global, should we be worried about the potential relaxing of post-crash rules in the US?

Alistair Darling, Chancellor of the Exchequer at the time of the financial crisis, reflected on the events that took place, the decisions that were taken, and where the combination has left Britain and our banks today. Nicky Morgan MP, chair of the Treasury Select Committee and formerly both Economic and Financial Secretary to the Treasury, considered whether we are now better placed for future financial shocks. This was followed by a Q&A session chaired by RF Director Torsten Bell.