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Brown thinks Northern Rock rescue will make profit

The Prime Minister told MPs yesterday at Question Time that it believes it will make a profit from its rescue of Northern Rock.

Gordon Brown said: “It is out intention to get the taxpayer the best deal adn to get the taxpayer their money back and to make a profit.”

This follows reports that following the Government’s new proposal on Monday to convert Northern Rock’s loan into state-backed bonds, several new suitors have entered the frame.

The Daily Mail claims that former bidders JC Flowers and Cerberus are having renewed looks at the bank, and some UK mortgage lenders are also interested in having a look at the term sheet for the bank.

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