Alistair Darling: Former Labour chancellor dies aged 70
Alistair Darling, who served as chancellor under Gordon Brown, has died at the age of 70, his family has confirmed.
The Labour Party stalwart became a household name when the then-prime minister gave him the keys to the Treasury back in 2007 – running the department throughout the global banking crisis and staying in post until Mr Brown lost the election in 2010.
But he had been a presence in Tony Blair’s government from the start, beginning as chief secretary to the Treasury in 1997 following Labour’s landslide victory, and going on to run a number of departments – including work and pensions, transport and trade.
Politics latest: Tributes to former chancellor flood in from across UK
Lord Darling’s family confirmed the news on Thursday, saying he had died after a short spell in Western General Hospital under the “wonderful care” of the cancer team.
In their statement, they described him as “the much-loved husband of Margaret and beloved father of Calum and Anna”.
After the news was announced, tributes poured in from all sides of the political spectrum, led by Labour leader Sir Keir Starmer, who said he had “lived a life devoted to public service”.
He said Lord Darling’s “calm expertise and honesty” as chancellor helped guide the country through the 2008 financial crisis, but that his “greatest professional pride” was serving his constituents in Edinburgh as an MP between 1987 and 2015.
He was perhaps best known for his time as chancellor
Echoing the sentiment, ex-prime minister Mr Brown tweeted that he “like many, relied on his wisdom, calmness in a crisis and his humour”, adding: “He will be missed by all who knew him.”
In another statement, Mr Blair said: “He was highly capable, though modest, understated but never to be underestimated, always kind and dignified even under the intense pressure politics can generate.
“He was the safest of safe hands. I knew he could be given any position in the Cabinet and be depended upon. I liked him and respected him immensely as a colleague and as a friend.”
One of his Conservative successors, Jeremy Hunt, described him as “one of the great chancellors”, saying he would be “remembered for doing the right thing for the country at a time of extraordinary turmoil”.
And the woman hoping to follow in his footsteps to the Treasury, shadow chancellor Rachel Reeves, said she would miss “his advice and his counsel – but, more than anything I will miss his friendship, his kindness and decency, his humour and his warmth”.
Prime Minister Rishi Sunak said Lord Darling’s passing “is a huge loss to us all”. He added: “The role he played during the 2014 Independence referendum was vital in keeping our union together. My deepest condolences go out to his family and friends at this difficult time.”
Gordon Brown made him his righthand man after he moved into Number 10 in 2007
Despite being Born in London, Lord Darling came from a long line of Scots, and returned to the country for school, before going to the University of Aberdeen, where he became president of the Student’s Representative Council.
After graduating, he became a solicitor, but having joined Labour aged just 23, it wasn’t long before he changed course to enter politics, being elected as a councillor on the Lothian Regional Council in 1982.
He became the MP for Edinburgh South in the 1987 election, ousting the Conservative candidate from the seat. When that constituency was abolished in 2005, he ran for – and won – the seat of Edinburgh South West until he left the Commons in 2015.
Lord Darling also played a prominent role in the Scottish independence referendum in 2014 as the chairman of the “Better Together” campaign.
Former first minister and SNP leader, Nicola Sturgeon, said despite the “clashes” the pair had over the country’s future, she “always found him to be a man of intellect and principle”, adding: “He made a significant contribution to politics and public life.”
Alistair Darling led the campaign for Scotland to remain in the UK
Lord Darling became a peer in 2015 – named as Baron Darling of Roulanish, He retired from the Lords in 2020.
His former cabinet colleagues from both the Blair and Brown years were among those marking his passing, with Hilary Benn calling him “an able, calm and thoughtful colleague” and Jacqui Smith praising his “warm, humble approach”.
From the other side of the Commons, former Tory prime minister Sir John Major described Lord Darling as “a decent man, who brought civility, reason and intelligence to politics”, while David Cameron said he was “thoroughly kind”.
Panama’s capital city will accept cryptocurrency payments for taxes and municipal fees, including bus tickets and permits, Panama City mayor Mayer Mizrachi announced on April 15, joining a growing list of jurisdictions globally that have voted to accept such payments.
Panama City will begin accepting Bitcoin (BTC), Ether (ETH), Circle’s USDC (USDC), and Tether’s USDt (USDT) stablecoin for payment once the crypto-to-fiat payment rails are established, Mizrachi posted on the X platform.
Mizrachi said previous administrations attempted to push through similar legislation but failed to overcome stipulations requiring the local government to accept funds denominated in US dollars.
In a translated statement, the Panama City mayor said that the local government partnered with a bank that will immediately convert any digital assets received into US dollars, allowing the municipality to accept crypto without introducing new legislation.
Panama City joins a growing list of global jurisdictions on the municipal and state level accepting cryptocurrency payments for taxes, exploring Bitcoin strategic reserves to protect public treasuries from inflation and passing pro-crypto policies to attract investment.
Related: New York bill proposes legalizing Bitcoin, crypto for state payments
Municipalities and states embrace digital assets
Several municipalities and territories around the globe already accept crypto for tax payments or are exploring various implementations of blockchain technology for government spending.
The US state of Colorado started accepting crypto payments for taxes in September 2022. Much like Panama City said it will do, Colorado immediately converts the crypto to fiat.
In December 2023, the city of Lugano, Switzerland, announced taxes and city fees could be paid in Bitcoin, which was one of the developments that earned it the reputation of being a globally recognized Bitcoin city.
The city council of Vancouver, Canada, passed a motion to become “Bitcoin-friendly city” in December 2024. As part of that motion, the Vancouver local government will explore integrating BTC into the financial system, including tax payments.
North Carolina lawmaker Neal Jackson introduced legislation titled “The North Carolina Digital Asset Freedom Act” on April 10. If passed, the bill will recognize cryptocurrencies as an official form of payment that can be used to pay taxes.
Magazine: Crypto City: The ultimate guide to Miami
As digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea,” said US Federal Reserve Chair Jerome Powell.
In an April 16 panel at the Economic Club of Chicago, Powell commented on the evolution of the cryptocurrency industry, which has delivered a consumer use case that “could have wide appeal” following a difficult “wave of failures and frauds,” he said.
Powell delivers remarks at the Economic Club of Chicago. Source: Bloomberg Television
During crypto’s difficult years, which culminated in 2022 and 2023 with several high-profile business failures, the Fed “worked with Congress to try to get a […] legal framework for stablecoins, which would have been a nice place to start,” said Powell. “We were not successful.”
“I think that the climate is changing and you’re moving into more mainstreaming of that whole sector, so Congress is again looking […] at a legal framework for stablecoins,” he said.
“Depending on what’s in it, that’s a good idea. We need that. There isn’t one now,” said Powell.
This isn’t the first time Powell acknowledged the need for stablecoin legislation. In June 2023, the Fed boss told the House Financial Services Committee that stablecoins were “a form of money” that requires “robust” federal oversight.
Related: Stablecoins are the best way to ensure US dollar dominance — Web3 CEO
Support for stablecoin legislation is growing
The election of US President Donald Trump has ushered in a new era of pro-crypto appointments and policy shifts that could make America a digital asset superpower.
Washington’s formal embrace of cryptocurrency began earlier this year when Trump established the President’s Council of Advisers on Digital Assets, with Bo Hines as the executive director.
Hines told a digital asset summit in New York last month that a comprehensive stablecoin bill was a top priority for the current administration. After the Senate Banking Committee passed the GENIUS Act, a final stablecoin bill could arrive at the president’s desk “in the next two months,” said Hines.
Bo Hines (right) speaks of “imminent” stablecoin legislation at the Digital Asset Summit on March 18. Source: Cointelegraph
Stablecoins pegged to the US dollar are by far the most popular tokens used for remittances and cryptocurrency trading.
The combined value of all stablecoins is currently $227 billion, according to RWA.xyz. The dollar-pegged USDC (USDC) and USDt (USDT) account for more than 88% of the total market.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
An appellate court has granted a joint request from Ripple Labs and the Securities and Exchange Commission (SEC) to pause an appeal in a 2020 SEC case against Ripple amid settlement negotiations.
In an April 16 filing in the US Court of Appeals for the Second Circuit, the court approved a joint SEC-Ripple motion to hold the appeal in abeyance — temporarily pausing the case — for 60 days. As part of the order, the SEC is expected to file a status report by June 15.
The SEC’s case against Ripple and its executives, filed in December 2020, was expected to begin winding down after Ripple CEO Brad Garlinghouse announced on March 19 that the commission would be dropping its appeal against the blockchain firm. A federal court found Ripple liable for $125 million in an August ruling, resulting in both the SEC and blockchain firm filing an appeal and cross-appeal, respectively.
However, once US President Donald Trump took office and leadership of the SEC moved from former chair Gary Gensler to acting chair Mark Uyeda, the commission began dropping multiple enforcement cases against crypto firms in a seeming political shift. Ripple pledged $5 million in XRP to Trump’s inauguration fund, and Garlinghouse and chief legal officer Stuart Alderoty attended events supporting the US president.
Related: SEC dropping Ripple case is ‘final exclamation mark’ that XRP is not a security — John Deaton
Despite support for the end of the case coming from both Ripple and the SEC, the August 2024 judgment and appellate cases leave some legal entanglements. Alderoty said in March that Ripple would drop its cross-appeal with the SEC and receive a roughly $75 million refund from the lower court judgment. It’s unclear what else may result from negotiations over a settlement in appellate court.
New leadership at SEC incoming
Acting chair Uyeda is expected to step down following the US Senate confirming Paul Atkins as SEC chair on April 9.
During his confirmation hearings, lawmakers questioned Atkins about his ties to crypto, which could create conflicts of interest in his role regulating the industry. In financial disclosures, Atkins stated he had millions of dollars in assets through stakes in crypto firms, including Securitize, Pontoro and Patomak.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway