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Northern Rock For Sale

Northern Rock For Sale

Chancellor George Osbourne has announced plans to sell Northern Rock which was nationalised in 2008 when the recession began.

The announcement came in speech made yesterday about ring fencing retail banking from investment banking in order to protect the retail sector from bad investments. Mr Osbourne has stated he will sell the bank to a single buyer however has not rejected other options.

The plans include spliting the bank into two, one is the "good" customers savings and 70 branches and the "bad" which has more toxic loans.

 

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