Gordon Brown is back. Again. Earlier this week, to mark the tenth anniversary of the collapse of Lehman Brothers, the former prime minister treated us all to another nakedly self-serving political intervention.
Gordon Brown’s first act after he became Chancellor of the Exchequer in 1997 was to grant the Bank of England operational independence.
The move was meant to signal a newfound pragmatism in Labour’s approach to the economy – no more reckless spending, no more excessive borrowing, no more outlandish leftwing demands for full employment. Instead, in stark contrast to the behaviour of previous Labour governments, the Blair-Brown administration would be a responsible steward of Britain’s national finances.
In the late 1990s and early 2000s, Western leaders made a series of lofty claims regarding the benefits of globalisation.
“The global economy is giving billions around the world the chance to work and live and raise their families with dignity,” Bill Clinton remarked during the final months of his presidency. “The problem is not [that] there’s too much of it,” Tony Blair told the Labour party conference in 2001. “On the contrary, there’s too little.” “I want globalisation’s children, the coming generation, to enjoy the vastly increased opportunities it brings,” Gordon Brown evangelised a few years later.
Speaking in Glasgow recently, the Chancellor George Osborne said that a currency union between an independent Scotland and what remained of the UK would impose “significant constraints on [Scotland’s] economic sovereignty.”
Nationalists were quick to dismiss this warning in public, but privately they must have known that it was far from an empty threat: Osborne, armed with standard Tory prejudices about Scottish spending habits, will do what he can to limit public expenditure north of the border, whether Scotland stays part of the UK or not.