Britain said on Sunday it will nationalize ailing mortgage lender Northern Rock (NRK.L) for a temporary period as it was not in the taxpayer’s best interests to sell it to the private sector now.
"In the current market conditions we do not believe the two proposals deliver sufficient value for money for the taxpayer," Finance minister Alistair Darling told a news conference. "So the government has decided to bring forward legislation to bring Northern Rock into a temporary period of public ownership."
A consortium led by billionaire Richard Branson’s Virgin Group (VA.UL) had been the front-runner, ahead of an offer led by the bank’s management team. Both were told last week to improve their offers because neither offered taxpayers a good enough deal.
You may now resume our regular Sunday programming . . .
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.