Liberal Democrats in Business

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Northern Bank Is Only Being Kept Alive With Taxpayers' Money - Cable

4.18.00pm 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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