Liberal Democrats in Business

News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum

Cable - Northern Rock: Sense Has Prevailed But Questions Must Be Answered

4.08.00pm GMT Sat 12th Jan 2008

Commenting on the recruitment of Ron Sandler to lead Northern Rock in the event that the bank is nationalised, Liberal Democrat Shadow Chancellor Vince Cable MP said: "If the Government has now finally accepted our advice that public ownership is the least bad option, this is a very strange way in which to prepare for it through a leaked announcement.

"Obviously I welcome the fact that sense seems to have prevailed, but it's a pity this wasn't realised a couple of months ago. If it had it would have been possible to manage the exposure of the taxpayer in a much more considered way.

"If it is indeed true that the Government are proposing to proceed with the public ownership option we now need to know very quickly how they propose to do it; how the taxpayers interest will be best protected; what will happen to the small shareholders and what will happen to the operation in the North East of England."

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[Previous news story]: Northern Rock Must Use Money From Assets Sale To Reduce Borrowing - Cable (Fri 11th Jan 2008).
[Next news story]: Banks Should Reduce Charges - Cable (Mon 14th Jan 2008).

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Wed 28th Oct 2009:

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

Fri 20th Mar 2009:

[Cable: Northern Rock report is account of Treasury’s mismanagement]

Fri 11th Jan 2008:

[Northern Rock Must Use Money From Assets Sale To Reduce Borrowing - Cable]

Sat 17th Nov 2007:

[Chancellor Must Explain Northern Rock Situation To The House Of Commons - Cable]

Fri 16th Nov 2007:

[Government Must Assume Full Responsibility For Northern Rock - Cable]

[Government Must Come Clean On Northern Rock Loan - Cable]

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Thu 11th Oct 2007:

[Government's Attitude To Northern Rock Crisis Reeks Of Complacency - Cable]

Fri 14th Sep 2007:

[Northern Rock debacle entirely predictable - Cable]

Mon 23rd Jan 2006:

[Questions Still to be Answered by Cameron - Cable]

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