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Northern Rock news

The Economist takes a long view of the story and why it still matters. It is well worth a read. This weekend’s PR spin was about Rock Chairman, Matt Ridley, (a former Economist employee) not receiving any payoff as he leaves his job. But there was also another little story, about the small matter of another £3bn loan from the Bank of England to prop up the ailing institution. Total Rock borrowing from the Bank of England (the taxpapyer, if you like) is now believed to be in the region of £16bn. If you believe what Hemscott are reporting, Northern Rock’s funding problems remain acute.

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