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Ex-Northern Rock chairman elected to House of Lords

Northern Rock Queue 480

The Northern Rock chairman at the time of its near collapse in 2007 has been elected to the House of Lords.

Viscount Matt Ridley, who inherited the title in 2012, was Northern Rock chairman from 2004 to 2007. He resigned in October in the wake of the run on the bank after the Treasury select committee accused him of “clinging to office”.

He was appointed in hereditary peer elections yesterday.

In 1999, the Government abolished all but 92 hereditary peers and introduced a system so that when one steps down or dies a replacement is elected from the remaining hereditary peers of the same party.

Ridley was elected in a ballot of 48 Conservative peers with 24 votes alongside two others, the Earl of Harrowby and Viscount Halisham.

Northern Rock was nationalised in 2008 and separated into a good and bad bank. The Government sold the good bank to Virgin Money in January 2012 and the Northern Rock brand has since been abolished. The sale could cost taxpayers up to £2bn.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Old boys club clinging together giving each other rewards for failure. He will be made a Minister of State with special responsibility for Banking next.

  2. More reward for failure.

  3. sounds about right. He’ll soon be heading up the TSC along with Sir Wayne and Lady Colleen.

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