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1000 jobs at Northern Rock could go under Virgin’s proposal

Up to 1000 jobs could be cut at Northern Rock if Virgin’s proposal is accepted, it has emerged.

The BBC has reported that Virgin has abandoned a commitment to no redundancies because the government-backed bonds to be issued by Northern ROck have to be repaid within a timetable of three years.

This would cut down the stricken lender’s workforce from 6,000 to 5,000.

It is understood that the Unite union will be meeting with Virgin tomorrow to discuss the impact of its proposals.

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