Chancellor Alistair Darling told the House of Commons yesterday the
Government, as a major creditor and investor in Northern Rock’s future, would
have to approve or veto any sale of the beleaguered bank.
statement in Parliament came as the bank’s share value dropped 21.4% to a
new low of 104.2p after
Rock revealed all offers, reportedly counting 10 since Friday’s deadline for
expressions of interest, had so far been ‘materially below’ the bank’s closing
Facing the prospect of placing Northern Rock in administration, nationalising
the bank or running foul of EU state-aid rules, Darling unveiled a three-point
‘First, to protect the interests of the taxpayer,’ he said. ‘Substantial sums
have been lent and this money has to be repaid at an appropriate time and rate.
The Government will consider proposals with a view to reaching the best outcome
for the public purse.
‘Second, to protect depositors. It is essential to do everything we can both
to safeguard their interest and to maintain the service provided to them. And
third, to maintain wider financial stability.’
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Drastically fewer offices for HMRC in the hope to reduce their running costs
Laurence Field, the head of tax at national audit, tax and advisory firm Crowe Clark Whitehill outlines the 6 'unexpected items' regarding HMRC's Making Tax Digital plans
Many working in professional services have received honours this new year from the Queen