Osborne: Northern Rock sale helps the recovery

Thursday, 17 November 2011 10:48 AM

Chancellor George Osborne announces the sale of Northern Rock to Virgin Money:

"We're creating a powerful new presence on the high street, a very well known brand that is going to be out there offering good deals for customers.

"It's part of recovering the British economy that we're starting to return some of these bank shares to the private sector.

"The government is straining every sinew, doing everything possible to help the British economy move forward at a time when so many other economies in the world are in trouble.

"The government is doing everything it can do to help people at this difficult time. Things like the sale of Northern Rock are a sign that we are taking every step to move the economy forward.

"The sale of Northern Rock to Virgin Money is an important first step in getting the British taxpayer out of the business of owning banks.

"It represents value for money; will increase choice on the high street for customers; and safeguards jobs in the north-east."

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• george osborne
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• northern rock