Alistair Darling/Addendum: Difference between revisions
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==The impact of the financial crisis== | ==The impact of the financial crisis== | ||
When Alistair Darling took office as [[Chancellor of the Exchequer]] in June 2007, the international [[financial system]] had just entered the [[Crash of 2008/Timelines#The Crash stage 1 (June - July 2007)|first stage]] of the [[Crash of 2008|financial crisis]]. A sharp and unexpected fall in United States house prices had created the [[subprime mortgage crisis]] by causing large falls in the prices of internationally-held [[security|securities]] whose value depended upon [[mortgage]]s secured on those houses. | |||
==Fiscal deficits== | ==Fiscal deficits== | ||
==Support for the banks== | ==Support for the banks== | ||
Revision as of 10:27, 30 October 2010
The impact of the financial crisis
When Alistair Darling took office as Chancellor of the Exchequer in June 2007, the international financial system had just entered the first stage of the financial crisis. A sharp and unexpected fall in United States house prices had created the subprime mortgage crisis by causing large falls in the prices of internationally-held securities whose value depended upon mortgages secured on those houses.