Taxpayers' support for Northern Rock soars to £30bn

[Nicholas]

The crisis surrounding Northern Rock intensified last night when it emerged the amount lent by the taxpayer to the bank had soared to almost £30bn. Opposition MPs called for the government to seriously consider nationalising the beleaguered bank to put a brake on the government's loan and limit potential losses to the exchequer should it collapse.

"With the total now close to £30bn, the taxpayer cannot be expected to continue to dole out just vast sums of money on a weekly basis especially as much of it appears to be unsecured and may end up going down a plughole. The government must seriously look at nationalising the bank and ensuring that taxpayers' money is secured,"...........

Taxpayers' support for Northern Rock soars to £30bn | Business | The Guardian