Commons clash over Northern Rock

Alistair Darling and George Osborne traded accusations of inconsistency over Northern Rock in the Commons this afternoon.

The government is set to introduce emergency legislation to nationalise the high street lender later today and a second reading is scheduled for tomorrow.

In his monthly press conference this morning prime minister Gordon Brown insisted the "difficult decision" had been taken to further the government's key goal of "economic stability".

Mr Darling reiterated these claims in a statement to the Commons. He explained it was right for the government to wait for offers from the private sector which were not initially forthcoming after Northern Rock's unexpected collapse in September.

It was also right to reject the eventual offers that transpired because they "were not in the best interest of the taxpayer", he added.

Having made the decision "to save the bank, to maintain financial stability and protect savers, we are now taking this decision to protect the taxpayer," the chancellor concluded.

Mr Osborne poured criticism on the chancellor, who he described as a political "dead man walking".

He said the Conservatives would oppose the government's emergency legislation to nationalise the bank and compared the move to Labour's "failed policies" of the 1970s.

"The prime minister and his chancellor have dithered their way to disaster," Mr Osborne said.

"[Mr Darling] will never recover his reputation for competence."

Mr Darling dismissed the claims, accusing the Tories of "cynical opportunism" and lacking any consistent stance on the issue.

"Every day brings a new policy, a new stance," he said.

"They have absolutely no coherent view over what to do with the problem."