Rock nationalisation bill passes through parliament

Rock nationalisation bill passes through parliament

The nationalisation of Northern Rock is going ahead after emergency legislation passes through parliament

The nationalisation of Northern Rock can now be formalised after emergency
legislation permitting troubled banks to be taken into public ownership was
accepted by MPs and peers yesterday.

Opposition parties abandoned their attempt to make the bank subject to
freedom of information laws, ending fears of a prolonged battle, according to
The
Press Association
.

When an extended bout of parliamentary toing and froing appeared inevitable,
the upper chamber ended the stand-off and the banking (special provisions) bill
was granted Royal Assent.

Ministers must now secure approval for an order specifically transferring the
bank to public ownership, using the new powers.

Further reading:

Big Four firms vie for Rock valuation deal

NAO to probe government’s Rock rescue

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource