Darling's banker bashing

Former chancellor attacks the bankers as "arrogant and stupid" in new extracts from his memoir.

More extracts from Alistair Darling's memoir, due out next Wednesday, have leaked onto Labour Uncut, and today we get his view of Fred Goodwin and co. "My worry," writes Darling, "was that they (the bankers) were so arrogant and stupid that they might bring us all down".

The former chancellor reportedly lambasts Goodwin's response to the crisis as that of someone "off to play a game of golf", concluding that the former RBS boss "deserved to be a pariah". Elsewhere, Darling describes Andy Hornby, the former chief executive of HBOS, as "looking like he was about to explode" when confronted with the full scale of what had happened on his watch. According to Labour Uncut's Atul Hatwal, the former chancellor will also attack a lack of gratitude for the bailout that was "as shocking as it was stupid".

What makes Darling's intervention politically notable is that it comes so soon before the publication of the Vickers report on banking. As the Lib Dems fight for the introduction of a strict ring-fence between banks' retail and investment arms, Darling's attack on the avarice of the City won't do their cause any harm.

George Eaton is political editor of the New Statesman.

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Lord Sainsbury pulls funding from Progress and other political causes

The longstanding Labour donor will no longer fund party political causes. 

Centrist Labour MPs face a funding gap for their ideas after the longstanding Labour donor Lord Sainsbury announced he will stop financing party political causes.

Sainsbury, who served as a New Labour minister and also donated to the Liberal Democrats, is instead concentrating on charitable causes. 

Lord Sainsbury funded the centrist organisation Progress, dubbed the “original Blairite pressure group”, which was founded in mid Nineties and provided the intellectual underpinnings of New Labour.

The former supermarket boss is understood to still fund Policy Network, an international thinktank headed by New Labour veteran Peter Mandelson.

He has also funded the Remain campaign group Britain Stronger in Europe. The latter reinvented itself as Open Britain after the Leave vote, and has campaigned for a softer Brexit. Its supporters include former Lib Dem leader Nick Clegg and Labour's Chuka Umunna, and it now relies on grassroots funding.

Sainsbury said he wished to “hand the baton on to a new generation of donors” who supported progressive politics. 

Progress director Richard Angell said: “Progress is extremely grateful to Lord Sainsbury for the funding he has provided for over two decades. We always knew it would not last forever.”

The organisation has raised a third of its funding target from other donors, but is now appealing for financial support from Labour supporters. Its aims include “stopping a hard-left take over” of the Labour party and “renewing the ideas of the centre-left”. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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