After the disastrous bank run; nationalisation and continuous subsidy by the British taxpayer, Northern Rock have posted losses of £78.8 million for the first half of this year. It is highly unlikely the Treasury will make a profit on its sell (or break even) – many advocated its liquidation at the time. But, alas, the previous government said no.
It had nothing to do with its headquarters being located in Newcastle (Labour’s heartland.)
If a business fails, then it should fail. Let Northern Rock be a lesson, albeit a very expensive one, to the British taxpayer and future governments.
danielfurr
