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BBC News – Northern Rock: Osborne to reveal EU deal over 2013 sale

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Northern Rock had to be sold by 2013 under a deal signed by the former Labour government, Chancellor George Osborne is to reveal on Monday.

The bank was sold on Thursday to Virgin Money for £747m.

Northern Rock was nationalised in 2008, following its near-collapse at the onset of the global credit crunch.

Mr Osborne is expected to issue a strongly-worded response to opposition criticisms and say the sale offered the “best possible deal” for the taxpayer.

Shadow Treasury minister Chris Leslie had sent a letter to Mr Osborne, raising concerns about the value and timing of the sale.

The chancellor will say that, under the deal negotiated by his predecessor Alistair Darling with the European Commission over state aid to banks, the government had to sell the majority of its stake by the end of 2013.

via BBC News – Northern Rock: Osborne to reveal EU deal over 2013 sale.

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Written by edparnell

November 20, 2011 at 8:52 pm

Posted in Articles, Business

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