Liberal Democrats in Business

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Government Should Have Forced Ridley Resignation - Cable

2.28.57pm BST (GMT +0100) Fri 19th Oct 2007

Commenting on the resignation of Northern Rock's chairman Matt Ridley, Liberal Democrat Acting Leader and Shadow Chancellor, Vince Cable MP said: "The Government should have made Mr Ridley's departure a condition of its loan, rather than waiting for him to go.

"Furthermore there are other directors, including Derek Wanless, who are equally culpable. All of the senior management of the company led by Mr Applegarth should have been cleared out on day one.

"I nonetheless welcome this step as belated recognition that somebody in Northern Rock should be held accountable for its failures and for the exposure of public money which is now at risk."

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