delusionofgrandeur

The thing most likely to cause a change in texture of a Northern Rock shareholder’s undergarments today was the news that the UK treasury would prefer nationalisation of Northern Rock over a private deal if the decision had to be taken today.

The BBC cites a ‘banker’ who is said to be ‘close to the negotiations’ who says that the Prime Minister Gordon Brow (rather than the chancellor, Darling) is calling the shots on any potential deal. Apparently, Brown isn’t averse to the nationalisation of Norther Rock ‘at any cost’ now. He is said to feel that a partial nationalisation deal with Virgin involved may be beneficial but he wants more money in exchange for the billions (£100billion?) in support already doled out to the Rock.

You can read more in Robert Peston’s: Rock Nationalisation ‘back on’ article.

Photo Credit: Alex Gunningham cc-by-2.0

This entry was posted on Tuesday, February 12th, 2008 at 11:44 pm and is filed under Economy, News, Politics.You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.