Why is the government giving the nationalised Northern Rock bank a staggering £3billion in cash? Surely such unacceptable practices such as this will make it harder for the taxpayer to have this money repaid in the future.
The bank recently announced losses of around £585million and plans to cut around 1300 jobs as the current (state-appointed) management plans to ‘slim down’ the business.
The situation at NR must be very desperate indeed… not just for the government, but more so for both the bank’s remaining staff and savers. The decision to buy the bank has turned to be a disaster… just as many respected business commentators have repeatedly predicted.