Moving on with Northern Rock

by Chris Scott on 17 November 2011

Its good to see that Northern Rock is to be sold to Virgin. Virgin have committed to retaining its headquarters in the North East and announced that there will be no additional compulsory redundancies for 3 years. The taxpayer injected capital of £1.4bn when the Northern Rock was split and Virgin are reported to be paying £747m now plus up to a further £280m in the future so there appears to be a loss to the taxpayer but having a new player in the banking market should create some healthy competition and should provide some certainty for the employees.

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