The financial services industry has paid tribute to the former Labour chancellor of the exchequer, Alistair Darling, after he passed away at the age of 70.
A spokesperson for the Darling family announced the politician's death earlier today (November 30), as reported in sister title the Financial Times.
Tributes to the former chancellor poured in following the announcement.
Kier Starmer, leader of the Labour Party, wrote on X (formerly Twitter): “Alistair lived a life devoted to public service.
“He will be remembered as the chancellor whose calm expertise and honesty helped to guide Britain through the tumult of the global financial crisis.”
Industry response
Those in financial services also paid their respects.
Scottish Friendly former commercial director, Neil Lovatt, said: “Alistair was a kind and gentle soul with a razor sharp sense of humour. He will be sorely missed.
“No matter what your views of him as a politician there is little doubt that his efforts during the financial crisis were central to pulling the UK, if not the global financial system, back from the brink.
“His patience, force of will and diplomacy meant we narrowly avoided the ATMs running dry in 2008. It was his finest hour.”
Lovatt was not alone in his praise for Darling as Quilter Cheviot chief investment strategist, Alan McIntosh, also shared a similar sentiment for the politician's handling of the financial crisis.
“Barely a year into his tenure as chancellor of the exchequer, Alistair Darling had to steer the UK economy through the worst financial crisis of the century,” he said.
“His response to the banking crisis undoubtedly helped prevent a potential economic depression, including a swift intervention to prevent RBS, then the largest bank in the world, collapsing upon hearing that it would run out of money within hours.”
Additionally, Mather and Murray Financial independent financial adviser, Samuel Mather-Holgate, said: “Darling will be remembered for the chancellor who navigated Britain, and to some extent the world, through the global financial crisis.”
He added that Darling’s decisiveness and statesmanship took the banking industry back from the precipice and that this period showed he was a “global leader” and a “big beast in world politics”.
The Kushman Group property developer and portfolio landlord, Kundan Bhaduri, added: “Alistair Darling was a statesman and economic architect who left an indelible mark on the global financial markets.”
He added that Darling’s legacy will include his commitment to housing reform, improving affordability and stability.
“His initiative sought to stimulate investment while safeguarding against the excesses that had led to the housing bubble in previous years.
“His efforts to strengthen regulatory frameworks were a first step in ensuring that the real estate market attracted integrity, and fostered investor confidence and sustainable growth.”
Larry the Cat also shared sympathies. “I’m sorry to learn of Alistair Darling’s passing. When he was chancellor he brought his cat, Sybil, to live on Downing Street. Sybil was my predecessor as chief mouser.”
tom.dunstan@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
