Liberal Democrats in Business
News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum
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Liberal Democrats in Business News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum |
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Northern Rock debacle entirely predictable - Cable2.12.00pm BST (GMT +0100) Fri 14th Sep 2007 Commenting on the news that the Bank of England has agreed to give emergency financial support to the Northern Rock, Liberal Democrat Shadow Chancellor, Vince Cable MP said: "This is a very serious development indeed and it was entirely predictable since Northern Rock is one of those banks which has been aggressively increasing its market share by offering mortgages at multiples of income well in excess of prudent levels. "It is not surprising that in the growing credit crunch the market should start to become alarmed about its future viability. "It is important the depositors are protected but the Governor of the Band of England is absolutely right to insist that there should be no bail out of institutions that have operated foolishly. "
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[ Related News Stories:Sat 12th Jan 2008: [Cable - Northern Rock: Sense Has Prevailed But Questions Must Be Answered] 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] [Northern Rock Buyer Must Pay Back Taxpayers £24 Billion - Cable] Thu 11th Oct 2007: [Government's Attitude To Northern Rock Crisis Reeks Of Complacency - Cable] Published and promoted by Liberal Democrats in Business, 4 Cowley Street, London SW1P 3NB. The views expressed are those of the party, not of the service provider. |
