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Rock shares soar on rescue plan
Rock shares soar on rescue plan
Last Modified: 21 Jan 2008
By:
Bridgid Nzekwu
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.
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