Osborne fire sales Northern Rock

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A topic from News & Current Affairs: Political

laresThu 17/11/11 09:53

(But the fire is already out)

"Northern Rock is being sold to Virgin Money for £747m, the government has announced. The bank was nationalised in 2008 following its near collapse at the onset of the global credit crisis.

The government subsequently split the bank into two, Northern Rock plc, and Northern Rock (Asset Management), into which was placed its bad debt. Virgin is buying Northern Rock plc and has pledged no additional compulsory redundancies for at least three years.

Chancellor George Osborne said: "The sale of Northern Rock to Virgin Money is an important first step in getting the British taxpayer out of the business of owning banks. "It represents value for money, will increase choice on the High Street for customers, and safeguards jobs in the North East."

The sale of Northern Rock plc is expected to be completed on 1 January 2012."

http://1sq.me/sbl8Ch

What ridiculous political dogma. Virgin asset strips the safe part of the bank whilst Osborne ensures we keep the dangerous part?

What happened to "The Big Society"? Why not mutualise it and have it run by its employees?

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