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| Darling called 'dead man walking' | |
| (31 minutes later) | |
| Alistair Darling has "no credibility" as chancellor and is now "politically a dead man walking", shadow chancellor George Osborne has told MPs. | |
| He spoke after Tory leader David Cameron said Gordon Brown should move Mr Darling from his role. | |
| But the chancellor accused the Tories of using "cynical opportunism" to cover up a "pretty thin veneer of abuse". | |
| The exchanges came in the Commons as Mr Darling outlined the nationalisation plans for the Northern Rock bank. | |
| Ahead of the Commons clashes Mr Cameron said his party would not be supporting the nationalisation plans. | |
| 'Best option' | 'Best option' |
| Instead, it would be recommending placing Northern Rock in Bank of England-led administration, to get as much money back for the taxpayer as possible. | Instead, it would be recommending placing Northern Rock in Bank of England-led administration, to get as much money back for the taxpayer as possible. |
| Mr Cameron spoke out just hours after the prime minister defended the decision to nationalise Northern Rock. | Mr Cameron spoke out just hours after the prime minister defended the decision to nationalise Northern Rock. |
| The nationalisation of Northern Rock is a disaster for the British taxpayer, a disaster for this government and a disaster for our country David CameronConservative leader | The nationalisation of Northern Rock is a disaster for the British taxpayer, a disaster for this government and a disaster for our country David CameronConservative leader |
| Mr Brown rejected suggestions he had lost his reputation for economic competence, adding that ministers' actions had stopped the Rock crisis spreading and also protected its customers' cash. | Mr Brown rejected suggestions he had lost his reputation for economic competence, adding that ministers' actions had stopped the Rock crisis spreading and also protected its customers' cash. |
| He said UK economic stability had been maintained and nationalisation was now "the best option" for the taxpayer. | He said UK economic stability had been maintained and nationalisation was now "the best option" for the taxpayer. |
| Mr Cameron told reporters: "The nationalisation of Northern Rock is a disaster for the British taxpayer, a disaster for this government and a disaster for our country." | Mr Cameron told reporters: "The nationalisation of Northern Rock is a disaster for the British taxpayer, a disaster for this government and a disaster for our country." |
| Claiming Mr Darling had had "a dreadful six months", he said the chancellor had stolen Conservative ideas to put into his pre-budget report and had overseen a department responsible for losing the details of almost every family in Britain. | Claiming Mr Darling had had "a dreadful six months", he said the chancellor had stolen Conservative ideas to put into his pre-budget report and had overseen a department responsible for losing the details of almost every family in Britain. |
| He said Mr Brown "will have to reconstruct his government". | He said Mr Brown "will have to reconstruct his government". |
| Black Wednesday comparison | Black Wednesday comparison |
| "He will have to move his chancellor. I don't think this chancellor has any credibility left and that's not good for the country and not good for the economy," he said. | "He will have to move his chancellor. I don't think this chancellor has any credibility left and that's not good for the country and not good for the economy," he said. |
| However, he said Mr Darling should be allowed to continue in his job until emergency legislation to nationalise Northern Rock has been pushed through Parliament. | However, he said Mr Darling should be allowed to continue in his job until emergency legislation to nationalise Northern Rock has been pushed through Parliament. |
| He said the move had produced an "economic calamity", which meant a second mortgage for all of us. | |
| He said he had learnt "a lot" from his experience of being an adviser in the Treasury during the Black Wednesday crisis of 1992, that it was vital for the chancellor to leave the government after such episodes. | |
| He said it was no good the prime minister blaming global financial turbulence for the problems the government is facing. | He said it was no good the prime minister blaming global financial turbulence for the problems the government is facing. |
| Decision time? | |
| "It's only in Britain we have had a run on a bank. It's only in Britain we have had to nationalise one of our largest banks," he said. | "It's only in Britain we have had a run on a bank. It's only in Britain we have had to nationalise one of our largest banks," he said. |
| "I do think there is a major credibility problem for the prime minister, the government and for the chancellor." | "I do think there is a major credibility problem for the prime minister, the government and for the chancellor." |
| In a statement to MPs, Mr Darling said he would be introducing emergency legislation to the Commons on Tuesday to take Northern Rock into a temporary period of nationalisation. | |
| Shadow chancellor George Osborne said the plans will cost £110bn, a cost of £3,500 for every family in Britain. | |
| "You will never recover your reputation for competence. You are now politically a dead man walking," he told Mr Darling. | |
| "If the prime minister can make a decision he would move you." | |
| The chancellor hit back that Mr Osborne was using "cynical opportunism with a pretty thing veneer of abuse". |