The UK Chancellor Alistair Darling has gone back to school, trying to explain the global financial crisis to Britain’s children. In an interview, which appears in ‘First News’ aimed at those aged 7 to 14, Darling explains that while the economic problems are not child’s play, it is no where near as serious as previous recessions.

Charged with guiding the UK out of the choppy waters it finds itself in, Darling explains the consequences of the turmoil for children and their families. Yesterday, Prime Minister Gordon Brown mentioned the R word for the first time – admitting it was likely that Britain’s economic downturn would lead to recession. Brown is due to attend a global summit in the US next month to discuss ways of reforming the financial system.

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