Monday, February 18, 2008

UK to nationalise Northern Rock bank

New 9:30AM Monday February 18, 2008

British finance minister Alistair Darling has announced the temporary nationalisation of troubled bank Northern Rock, which was hit by the global credit crunch in August.
"The government has decided to bring forward legislation to bring Northern Rock into a temporary period of public ownership," he said during a press conference at the Treasury in London.

Hot on the heels of the government halting an investigation in BAE bribery involving the Saudi's, Browne's goverment has begun nationalising private entities. Granted Northern Rock's collapse has sent shudders through Britain's banking sector but 'temporary public ownership' is vastly different to being placed into 'receivership'.
His true colours are beginning to show and must be very worrying to the average Brit. It is no wonder that I'm getting approaches from highly qualified Brits about work in New Zealand.

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