Taxpayer should not be left with the scraps of Northern Rock

October 28, 2009 1:04 PM

Commenting on the European Union's approval of plans for thenationalised Northern Rock to be split in two, paving the way for apartial sale, Liberal Democrat Shadow Chancellor, Vince Cable said:

"While the EU is right that there should be greater competition in thefinancial sector, splitting Northern Rock into 'good' and 'bad' banksrisks leaving the taxpayer with the scraps while the private sector getsthe prime cuts.

"The Government should resist the temptation to use Northern Rock forits own political ends by selling it off before the General Election.

"It should only be sold when market conditions are right and thetaxpayer gets a good return on their investment."

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