And again Vince Cable was proved correct.
However, the question now is whether the Government can make a fist of managing a bank. What are the odds?
Will they make lots of people in Newcastle unemployed? Seems unlikely.
Will they drive poorer people out of their houses, when they default on mortgages? Seems unlikely.
Will Northern Rock prove to be a huge financial success under Government management...
Will taxpayers be protected...
John
i think that was best option. better than being liquidated or sold off to some foreign pension fund. is it not good news?
It is good news that the matter has now been resolved.
John
I couldn't see how the Branson deal could ever have been on - it was heads you win, tails we (the taxpayers) lose.
The opposition parties are going to have a field day! The Liberals will say "what took you so long?" and the Tories will say it could have been sold off as a going concern yonks ago if Darling and Brown hadn't dithered.
Either way , the government is paying for most of there keep.
Sell it off...
A cleaner solution would be to wind Northern Rock down, sell off its assets (which still seem sound) when conditions allow, and get the taxpayers' money back that way.
I'm not so sure. The US government took the Continental Illinois National Bank into public ownership for a time in the 1980s.
http://209.85.129.104/search?qÊche:FJNLhJwqhoYJ:
And will we as tax payers get a share of the profits via dividends?!
wrote
You mean as reductions in our taxes, or smaller increases?
Hmmm, doubt it. Thouogh I wouldn't be surprised if NR made some "loans" to the labour party ;-)
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