northern rock
A report in the Sunday Times suggests that the UK Government is already considering plans to sell off the nationalised bank Northern Rock at the earliest opportunity although their are no formal discussions with potential buyers taking place currently.
It is believed that the bank would have to be split in two, with it’s toxic debts continuing to be covered by the government while the saleable part of the business could possibly be sold on before the end of this year.
Unsurprisingly the government would be keen to off load Northern Rock before the next election, a decision driven purely by politics rather than business rationale, and several banks have been sounded out regarding a deal in the future. However a spokesman for Northern Rock has said that the sale of the bank was just one option and that no timescale had been agreed for the return of the bank to the private sector.
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