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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| Liberal Democrats in Business | <info@libdemsinbusiness.org.uk> | 14th March 2010 |
Northern Rock Must Use Money From Assets Sale To Reduce Borrowing - Cable10.35.00am GMT Fri 11th Jan 2008 Commenting on the announcement that Northern Rock is to sell part of its mortgage assets to the investment Bank JP Morgan, Liberal Democrat Shadow Chancellor, Vince Cable said: "If the money from this sale is used to reduce further borrowing from the Government, then it is probably desirable. "However, as we don't know what assets are being sold, it is hard to know if this is a good deal or not. "More worrying is the news that Goldman Sachs is proposing to turn some of Northern Rock's loan from the Government into long-term bonds. While this may be one way of providing security it could mean that the Government will not be repaid for many years. "This raises big questions about whether the Government will seek to hide this debt by taking it off its balance sheet."
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[ Related News Stories:Wed 28th Oct 2009: [Taxpayers should not be left with the scraps of Northern Rock says Vince Cable] Fri 20th Mar 2009: [Cable: Northern Rock report is account of Treasury’s mismanagement] Sat 12th Jan 2008: [Cable - Northern Rock: Sense Has Prevailed But Questions Must Be Answered] Thu 6th Dec 2007: [Northern Bank Is Only Being Kept Alive With Taxpayers' Money - 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] Fri 14th Sep 2007: 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. |
