Advertisement
Powered by MOMENTUM MEDIA
lawyers weekly logo
Growth

Northern Rock to be nationalised

3 minute read
The Adviser

UK Chancellor of the Exchequer Alistair Darling has rejected Virgin Money’s bid for Northern Rock over the weekend, announcing plans for the lender to undergo temporary public ownership.

Mr Darling said the decision was made in the best interests of taxpayers.

“It is better for the government to hold on to Northern Rock for a temporary period and as and when market conditions improve the value of Northern Rock will grow and therefore the taxpayer will gain,” he said.

Mr Darling emphasised that the nationalisation would only be temporary, stating that “the long-term ownership of this bank must lie in the private sector.”

Published: 18-02-07

default

JOIN THE DISCUSSION

You need to be a member to post comments. Become a member for free today!
You have 0 free articles left this month.
Register for a free account to access unlimited free content, or become a PREMIUM MEMBER to enjoy a wide range of benefits