Login
ISCOVER
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.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Looking for more benefits?
Become a Premium Member.
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
JOIN THE DISCUSSION