View more on these topics

Darling does not rule out early Northern Rock sale

Chancellor Alistair Darling has not ruled out an early sale of Northern Rock if the price is right.

Speaking at a Treasury Select Committee Budget inquiry, Darling was responding to a question over recent press reports that suggested the Government was looking to sell off the troubled lender before the end of the year.

The Chancellor said: “We have always said that our intention is to return the banks we own back to the private sector.

“However, my overriding concern is that when we come to sell, we make sure we get value for the taxpayer who has had to step in and put money into Northern Rock and indeed other banks.

“So it is not something I want to rush into. I’m not saying that if someone came along tomorrow morning and offered a fantastic price for it that of course we wouldn’t sit down and look at it.

“But if someone is coming along and offering one of these deals where basically I appear to have to pay them rather than they pay me, then I’m in no hurry to sell.”

He later added: “It is probably right to assume we are going to have these banks for a little while yet.”


Trust fund

A few months ago in a column for this newspaper, I commented in passing on the way that the banking crisis – and the consequent collapse in confidence by many consumers in the big banks – could have a major and detrimental knock-on effect on other sections of the financial services industry.

IMA head urges shareholder activism

The asset management industry should use its power to hold companies to account on behalf of shareholders, the chairman of the Investment Management Association (IMA) argued yesterday.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm