ONE Saturday morning, shortly before Christmas 2007 and a few months after Northern Rock shares fell through the floor and its fearful customers queued overnight to withdraw their savings, Alistair Darling opened the front door at his home in Edinburgh to find Sir Fred Goodwin – as he was then – standing on the doorstep with a gift-wrapped panettone in his hands.
At that time Darling was Chancellor of the Exchequer and Goodwin was chief executive of the Royal Bank of Scotland. Goodwin, who was born in 1958, is five years younger than Darling. Though the two of them were at the heart of the British financial community they were by no means bosom buddies. Of course, they had met from time to time but invariably it was purely to do with business.