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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.
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“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
