Wow, I heard it on the news today. Yes, I own a bank and so do you if you are an UK tax payer. This is what the news said:
Chancellor Alistair Darling will put forward emergency legislation in Parliament to nationalise Northern Rock, with a Commons statement due later.
Mr Darling defended the decision to nationalise Northern Rock, saying the move offered the best value for taxpayers' money.
There was mixed reaction to the Government's announcement that Northern Rock is to be nationalised.
The decision was welcomed by John McFall, chairman of the Treasury Select Committee, who said the Government had "explored every avenue".
"At the end of the day the biggest issue is the safeguarding of taxpayers' money. If nationalisation saves that money, that has to be the correct step in the long term," he said.
Nationalisation is "not the right answer" for Northern Rock, Sir Richard Branson said.
The head of the failed bid by Virgin for the beleaguered bank said the group had tried its best to save "Northern Rock and the jobs of the staff".
In a statement, Sir Richard said: "We have tried our best to save the Northern Rock and the jobs of the staff.
"We put all the resources of Virgin's senior management team on this for five months and we believe had a very strong proposal, an experienced team and one of Britain's best brands.
"We believe nationalisation is not the right answer and that a commercial solution would have been the best way forward."We wish the Rock and its staff the best of luck with the future," he added.
Until Sunday, Virgin Group was widely seen as the front-runner in the battle to secure troubled Northern Rock.
"Now the taxpayer will bear the full risk of lending £100 billion of mortgages in an uncertain housing market".
Oh, well, we'll have to see what happens
Chancellor Alistair Darling will put forward emergency legislation in Parliament to nationalise Northern Rock, with a Commons statement due later.
Mr Darling defended the decision to nationalise Northern Rock, saying the move offered the best value for taxpayers' money.
There was mixed reaction to the Government's announcement that Northern Rock is to be nationalised.
The decision was welcomed by John McFall, chairman of the Treasury Select Committee, who said the Government had "explored every avenue".
"At the end of the day the biggest issue is the safeguarding of taxpayers' money. If nationalisation saves that money, that has to be the correct step in the long term," he said.
Nationalisation is "not the right answer" for Northern Rock, Sir Richard Branson said.
The head of the failed bid by Virgin for the beleaguered bank said the group had tried its best to save "Northern Rock and the jobs of the staff".
In a statement, Sir Richard said: "We have tried our best to save the Northern Rock and the jobs of the staff.
"We put all the resources of Virgin's senior management team on this for five months and we believe had a very strong proposal, an experienced team and one of Britain's best brands.
"We believe nationalisation is not the right answer and that a commercial solution would have been the best way forward."We wish the Rock and its staff the best of luck with the future," he added.
Until Sunday, Virgin Group was widely seen as the front-runner in the battle to secure troubled Northern Rock.
"Now the taxpayer will bear the full risk of lending £100 billion of mortgages in an uncertain housing market".
Oh, well, we'll have to see what happens
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