Though the Office for National Statistics has said the stricken bank will be
on the books, he said including the liabilities in his debt calculations would
‘It would be absolutely bonkers to take account of Northern Rock in relation
to the sustainable investment rule because, frankly, it would mean you would
slash large amounts of public expenditure to accommodate what is a temporary
measure,’ the chancellor said at a hearing last week.
The sustainable investment rule limits government borrowing to 40% of GDP.
Northern Rock was nationalised in February after bids for the business from
Virgin and the Rock’s management team were rejected.
The Office for National Statistics, which is still calculating the precise
extent of the liabilities, has said that it will include the liabilities on
balance sheet from October 2007.
Watch the hearing at
Speaking in the House of Commons minutes after triggering Article 50, prime minister Theresa May said that it was a 'historic moment from which there can be no turning back'
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals