Menu
19/12/2011
Sale Of Northern Rock To Be Investigated
It has been revealed that the for-loss-sale of bailed out bank, Northern Rock, is to be investigated.
In a statement on Monday morning, Labour’s shadow financial secretary Chris Leslie said that the National Audit Office had agreed to conduct an independent report into the value for money of Chancellor George Osborne’s sale of Northern Rock Plc.
The proposed investigation was announced in response to a letter from Mr Leslie, who urged George Osborne to consider delaying the sale until the NAO can assure the public that it is the right way to proceed.
Mr Leslie welcomed the inquiry into the sale, which was announced on 17 November. The sale of Northern Rock to Virgin Money for £747m was at a loss of between £400m and £650m to the taxpayer, according to the shadow minister.
Chris Leslie MP, Labour’s shadow financial secretary to the Treasury, said: “There is clearly strong evidence to suggest that this Northern Rock firesale represents poor value for money for the taxpayer and this investigation by the independent National Audit Office confirms that serious questions hang over George Osborne's deal.
“The Chancellor should consider delaying the sale, due on 1st January, until the NAO can assure the public that it is the right way to proceed.
“At present there is the possibility that those buying Northern Rock could asset strip so much from the firm that they get back virtually every penny they invest within a matter of months. Ministers haven't thought through this deal carefully enough - they have a duty to do better than this."
(DW)
In a statement on Monday morning, Labour’s shadow financial secretary Chris Leslie said that the National Audit Office had agreed to conduct an independent report into the value for money of Chancellor George Osborne’s sale of Northern Rock Plc.
The proposed investigation was announced in response to a letter from Mr Leslie, who urged George Osborne to consider delaying the sale until the NAO can assure the public that it is the right way to proceed.
Mr Leslie welcomed the inquiry into the sale, which was announced on 17 November. The sale of Northern Rock to Virgin Money for £747m was at a loss of between £400m and £650m to the taxpayer, according to the shadow minister.
Chris Leslie MP, Labour’s shadow financial secretary to the Treasury, said: “There is clearly strong evidence to suggest that this Northern Rock firesale represents poor value for money for the taxpayer and this investigation by the independent National Audit Office confirms that serious questions hang over George Osborne's deal.
“The Chancellor should consider delaying the sale, due on 1st January, until the NAO can assure the public that it is the right way to proceed.
“At present there is the possibility that those buying Northern Rock could asset strip so much from the firm that they get back virtually every penny they invest within a matter of months. Ministers haven't thought through this deal carefully enough - they have a duty to do better than this."
(DW)
Related UK National News Stories
Click here for the latest headlines.
03 August 2010
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
18 November 2011
Northern Rock Sale 'Poor Judgement' – Labour
Labour's Shadow Minister for the Treasury has said the sale of Northern Rock on Thursday by the Government was a 'poor judgement'. Richard Branson's Virgin investment company announced it was to purchase the almost disastrous Northern Rock bank on Thursday, while it has since emerged the sale will be at a loss for the taxpayer.
Northern Rock Sale 'Poor Judgement' – Labour
Labour's Shadow Minister for the Treasury has said the sale of Northern Rock on Thursday by the Government was a 'poor judgement'. Richard Branson's Virgin investment company announced it was to purchase the almost disastrous Northern Rock bank on Thursday, while it has since emerged the sale will be at a loss for the taxpayer.
18 May 2012
Northern Rock Rescue "Could Cost Taxpayer £2bn"
The National Audit Office (NAO) has estimated that taxpayers could lose almost £2bn once the assets of collapsed bank Northern Rock are wound down. The public spending watchdog also said that taxpayers lost about £480m on the sale of Northern Rock PLC last year.
Northern Rock Rescue "Could Cost Taxpayer £2bn"
The National Audit Office (NAO) has estimated that taxpayers could lose almost £2bn once the assets of collapsed bank Northern Rock are wound down. The public spending watchdog also said that taxpayers lost about £480m on the sale of Northern Rock PLC last year.
13 February 2009
Northern Rock Shareholders Lose High Court Bid
Former Northern Rock shareholders have today failed in their legal challenge to the Government's plan to compensate them.
Northern Rock Shareholders Lose High Court Bid
Former Northern Rock shareholders have today failed in their legal challenge to the Government's plan to compensate them.
22 January 2013
Live Nation Awarded Olympic Park Contract
Live Nation, one of the world’s largest concert promoters, has been awarded the contract to take over the Olympic Park. The firm will host a series of concerts and festivals at the site this summer, with the Wireless Festival and Hard Rock Calling – which were previously held in London's Hyde Park – being the first events confirmed for the venue.
Live Nation Awarded Olympic Park Contract
Live Nation, one of the world’s largest concert promoters, has been awarded the contract to take over the Olympic Park. The firm will host a series of concerts and festivals at the site this summer, with the Wireless Festival and Hard Rock Calling – which were previously held in London's Hyde Park – being the first events confirmed for the venue.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
