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 Bank Is Only Being Kept Alive With Taxpayers' Money - Cable4.18.00pm GMT Thu 6th Dec 2007 Commenting on the fact that Northern Rock has borrowed more than £30 billion from the Bank of England, Liberal Democrat Acting Leader and Shadow Chancellor, Vince Cable MP said: "This company is bleeding to death and only being kept alive by regular injections of taxpayers' money. "It is not clear that any of this money has additional security. Vast sums may well be lost unless something is done urgently. "It is now time for the Government to take over temporary ownership of Northern Rock to stabilise the company until a new owner can be found under more satisfactory conditions, to safeguard the billions of pounds of our money that have been poured into it."
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[ Related News Stories:Fri 11th Jan 2008: [Northern Rock Must Use Money From Assets Sale To Reduce Borrowing - Cable] Fri 16th Nov 2007: [Northern Rock Buyer Must Pay Back Taxpayers £24 Billion - Cable] Mon 2nd Jun 2003: [OUTRAGEOUS THAT TAXPAYERS SUBSIDISE BRITISH ENERGY - CABLE] Tue 27th May 2003: [POST OFFICE BENEFITS: MINISTERS HAVE LET DOWN DISABLED AND TAXPAYERS – 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. |
