This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7185788.stm
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Cameron criticises Rock 'failure' | Cameron criticises Rock 'failure' |
(about 5 hours later) | |
Conservative leader David Cameron has said that nationalising Northern Rock would be "the most complete humiliation and failure for the government". | Conservative leader David Cameron has said that nationalising Northern Rock would be "the most complete humiliation and failure for the government". |
Chancellor Alistair Darling told MPs last week that nationalisation is still an option but he would prefer a sale. | Chancellor Alistair Darling told MPs last week that nationalisation is still an option but he would prefer a sale. |
Speaking on the Andrew Marr show, Mr Cameron criticised the government's handling of Northern Rock. | Speaking on the Andrew Marr show, Mr Cameron criticised the government's handling of Northern Rock. |
He said a potential offer from Lloyds TSB for Northern Rock should have been considered more carefully. | He said a potential offer from Lloyds TSB for Northern Rock should have been considered more carefully. |
Bank of England governor Mervyn King has said that the Lloyds TSB offer could not be accepted because it would have involved extending a £30bn taxpayer-backed loan to Lloyds. | Bank of England governor Mervyn King has said that the Lloyds TSB offer could not be accepted because it would have involved extending a £30bn taxpayer-backed loan to Lloyds. |
A decision about whether to nationalise Northern Rock is probably only days away, according to the BBC's Business Editor, Robert Peston. | A decision about whether to nationalise Northern Rock is probably only days away, according to the BBC's Business Editor, Robert Peston. |
He added that a management team is in place if a commercial rescue package turns out to be impossible. | He added that a management team is in place if a commercial rescue package turns out to be impossible. |
Early election | Early election |
Mr Cameron also alleged that advice from City advisers to sell Northern Rock as soon as possible had been ignored for political reasons. | |
"I rather suspect that because of the planning for the early election the government didn't want to take a decision," he said. | "I rather suspect that because of the planning for the early election the government didn't want to take a decision," he said. |
He added that the main change needed to the way banks were regulated was a new Bank of England Act. | |
He said that the act should give powers to the Bank of England to intervene early if a bank was failing, instead of the current tripartite system that also involves the Financial Services Authority and the Chancellor. | |
He has also called for the governor of the Bank of England to be given a non-renewable term of office of eight years, instead of the current term of four years that may be renewed once. | He has also called for the governor of the Bank of England to be given a non-renewable term of office of eight years, instead of the current term of four years that may be renewed once. |
Previous version
1
Next version