Ruth Mitchell

Rock ready for sale

Chancellor George Osborne last night confirmed his intentions to sell Northern Rock to a single buyer.

He has not rejected other options, but has been advised he will make the most money by selling it in one go.

The auction of Northern Rock is expected to raise about £1bn, which is less than the £1.4bn the government injected into the bank, although not all of it is to be sold.

The former mutual has been split into a “good bank”, containing customers’ savings and about 70 branches, and a “bad bank” containing the more toxic loans.

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