Brown hints at no nationalisation for Northern Rock
Saturday, 19 Jan 2008 10:29
Gordon Brown tells reporters in China that Northern Rock will be subject to private takeover
Gordon Brown has given one of the strongest indications yet that Northern Rock will not be taken into public ownership.
Speaking during an official visit to China, the prime minister said talks looking into a private takeover of the stricken lender were underway.
He told reporters in Shanghai that Goldman Sachs had been hired to look into measures to solve the financial problems faced by Northern Rock, which has been given more than £50 billion in assistance from the government.
Chancellor Alistair Darling is expected to make a statement to parliament on Monday with the latest on the bank's future.
Last week Mr Brown was accused of stalling on deciding what to do with the bank.
But he insisted during prime minister's questions he had taken the appropriate steps as quickly as possible.
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