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LibDems call for short-term nationalisation of Northern Rock

Opposition parties have called on Gordon Brown to make an urgent statement to Parliament regarding Northern Rock with the LibDems suggesting nationalisation may be the best way forward.

LibDem acting leader and shadow chancellor Vince Cable will table an urgent question today in Parliament calling on the Government to explain itself.

He says the least worst option may well be to nationalise Northern Rock to safeguard taxpayers money and sell it on in due course.

Cable says: “The Government may be hoping for a knight in shining armour from the private sector to take on the bank and pay back Government loans but this looks highly unlikely. The Chancellor must come to the House of Commons to explain the position of the bank on Monday.”

Conservative shadow chancellor George Osborne has also called for an immediate statement from Alistair Darling on the matter.

Osborne says: “These resignations merely add to the pressure on Alistair Darling to show the strong leadership that has so far been lacking and ensure the interests of the tax-payer are protected. We need an immediate statement from him telling us who is in charge. The confusion and indecision surrounding the handling of Northern Rock grows and grows.”

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