View more on these topics

Darling says “No Rock sale before election”

Chancellor Alistair Darling has ruled out a sale of Northern Rock before the general election saying the timetable is too tight.

Yesterday the European Union competition commissioner Neelie Kroes approved the Government’s plans to split Northern Rock into a “good” and “bad” bank.

The privatisation of the “good” bank known as Northern Rock plc is expected to begin next year once the restructure has been completed.

According to the Financial Times, the Treasury says it is unlikely that the sale would be completed before a May election.

Yesterday, the Government confirmed that it had hired UBS banker Robin Budenberg to head up UK Financial Investments. One of Budenberg’s first jobs will be to oversee Northern Rock’s restructure.


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