Northern Rock sold off to beardy businessman
The public purse will be swollen to the tune of £747m as a result of the deal, which sees the healthy Northern Rock plc being handed over to Richard Branson. The other part of the bank, Northern Rock (Asset Management) was where all the toxic debt was placed, and it is believed that this will be towed out into the Atlantic Ocean and explodified.
The manchild chancellor Gideon Osborne trilled: “The sale of Northern Rock to Virgin Money is an important first step in getting the British taxpayer out of the business of owning banks. It represents value for money, will increase choice on the High Street for customers, and safeguards jobs in the North East” (where the bank’s HQ will remain).
It is unknown whether ‘Osborne’ knows what or where the North East is.