Enter multiple symbols separated by commas

U.K.'s Brown Appoints Darling as Finance Minister

Alistar Darling
Alistar Darling

Alistair Darling has been appointed as Britain's finance minister, an aide to Prime Minister Gordon Brown confirmed on Thursday, in a move that signals continuity in economic policy.

Darling had been a hot favorite to take the helm at the Treasury and, as a trusted Brown ally, his appointment is unlikely to cause any waves in financial markets.

"Alistair Darling is a solid, well respected choice as chancellor, who has significant past experience on Treasury matters," said Howard Archer, chief U.K. economist at Global Insight.

"We do not expect to see any major changes in fiscal policy, particularly as we strongly suspect that Gordon Brown will maintain a very keen interest in events at the Treasury. Furthermore, the current state of the public finances means that the new chancellor has very limited room for maneuver."

Darling, 53, held a variety of jobs in Tony Blair's cabinet, including Chief Secretary to the Treasury and, most recently, Trade and Industry Secretary.

Junior minister Andy Burnham was promoted to his first Cabinet post -- Chief Secretary to the Treasury, or Darling's number two, the aide said. He will replace Stephen Timms.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.