Taxpayers should not be left with the scraps of Northern Rock says Vince Cable

 

"The Government should resist the temptation to use Northern Rock for its own political ends by selling it off before the General Election," said the Liberal Democrat Shadow Chancellor.

Commenting on the European Union's approval of plans for the nationalised Northern Rock to be split in two, paving the way for a partial sale, Vince Cable said:

"While the EU is right that there should be greater competition in the financial sector, splitting Northern Rock into 'good' and 'bad' banks risks leaving the taxpayer with the scraps while the private sector gets the prime cuts.
"The Government should resist the temptation to use Northern Rock for its own political ends by selling it off before the General Election.
"It should only be sold when market conditions are right and the taxpayer gets a good return on their investment."