Rock shares soar on rescue plan
Updated on 21 January 2008
Shares in Northern Rock shoot up over 40 per cent after the treasury announces a new rescue plan for the stricken bank.
The £25bn already lent by the Bank of England will now be converted into government-guaranteed bonds to entice private investors to bail out the Rock. Bidders will then have until 4 February to come up with detailed rescue proposals.
But the chancellor's announcement means the taxpayer's exposure to Northern Rock could continue for years.
