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| 'Saving the World'? Gordon Brown Reconsidered by William Keegan – review | 'Saving the World'? Gordon Brown Reconsidered by William Keegan – review |
| (2 months later) | |
| About a year after the near meltdown of the global financial system in the autumn of 2008, BBC2 ran a three-part documentary on the subject. One after another, European and American politicians, bankers and other members of the global elite lined up to pay tribute to the starring role that Gordon Brown had played in averting catastrophe. "Why is this a secret?" I remember thinking at the time. "How come foreigners know about this and we don't?" | About a year after the near meltdown of the global financial system in the autumn of 2008, BBC2 ran a three-part documentary on the subject. One after another, European and American politicians, bankers and other members of the global elite lined up to pay tribute to the starring role that Gordon Brown had played in averting catastrophe. "Why is this a secret?" I remember thinking at the time. "How come foreigners know about this and we don't?" |
| This 100-page monograph is an attempt by the respected economic commentator, William Keegan, to restore the balance. Keegan's thesis is that Brown, for all his many shortcomings, deserves a better place in history than his contemporaries have allowed. | This 100-page monograph is an attempt by the respected economic commentator, William Keegan, to restore the balance. Keegan's thesis is that Brown, for all his many shortcomings, deserves a better place in history than his contemporaries have allowed. |
| The evidence is clear. It was the British government's decision, announced on 8 October 2008, to take a controlling interest in three major banks that prompted the Europeans, followed quickly by the Americans, to do likewise. Indeed, the Europeans made no secret of this. A few days after the British had acted Brown was invited to address the 15 eurozone heads of government. "My friend Gordon has the right plan, we must do it in Europe," said the French President Sarkozy, introducing Brown to the gathering. The Europeans followed suit on 13 October and the Americans, prompted by Brown, the next day. | The evidence is clear. It was the British government's decision, announced on 8 October 2008, to take a controlling interest in three major banks that prompted the Europeans, followed quickly by the Americans, to do likewise. Indeed, the Europeans made no secret of this. A few days after the British had acted Brown was invited to address the 15 eurozone heads of government. "My friend Gordon has the right plan, we must do it in Europe," said the French President Sarkozy, introducing Brown to the gathering. The Europeans followed suit on 13 October and the Americans, prompted by Brown, the next day. |
| It was the turning point. The following April Brown, chairing the G20 summit, would also take the lead in persuading world leaders to inject an unprecedented trillion dollars into the IMF and the World Bank with a view to stabilising the global economy. Again, foreigners noted the importance of what was achieved and of Brown's pivotal role, but so far as most people in Britain are concerned it was a well kept secret. | It was the turning point. The following April Brown, chairing the G20 summit, would also take the lead in persuading world leaders to inject an unprecedented trillion dollars into the IMF and the World Bank with a view to stabilising the global economy. Again, foreigners noted the importance of what was achieved and of Brown's pivotal role, but so far as most people in Britain are concerned it was a well kept secret. |
| Brown's other enduring achievement, to which Keegan devotes a chapter, was to keep Britain out of the euro despite considerable pressure from Tony Blair to join. Again, not a small matter in view of what happened next. | Brown's other enduring achievement, to which Keegan devotes a chapter, was to keep Britain out of the euro despite considerable pressure from Tony Blair to join. Again, not a small matter in view of what happened next. |
| Keegan is upfront about Brown's many shortcomings. His scheming and plotting, his atrocious treatment of colleagues. Likewise, as Keegan also acknowledges, Brown made his share of mistakes, not least the fact that for so long he took the City at their own estimation and – like George Osborne – bought into the mantra of "light touch regulation". This is not a panegyric, but it is a welcome reassessment of a deeply flawed leader who, when the moment came, rose magnificently to the occasion. | Keegan is upfront about Brown's many shortcomings. His scheming and plotting, his atrocious treatment of colleagues. Likewise, as Keegan also acknowledges, Brown made his share of mistakes, not least the fact that for so long he took the City at their own estimation and – like George Osborne – bought into the mantra of "light touch regulation". This is not a panegyric, but it is a welcome reassessment of a deeply flawed leader who, when the moment came, rose magnificently to the occasion. |
| Chris Mullin is a former Labour minister and the author of three volumes of political diaries | Chris Mullin is a former Labour minister and the author of three volumes of political diaries |
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