Rock nationalisation 'temporary'
Updated on 18 February 2008
Emergency legislation taking Northern Rock into public ownership, for what the government claims is a "temporary period", will be put before parliament this afternoon.
Not only was Gordon Brown desperate to avoid nationalising a bank, his decision doubles the government's exposure in Northern Rock to a colossal £110bn.
While its ominous news for shareholders, whose shares were suspended this morning at a paltry 90p each, for customers the bank was open for business as usual.
Defending the nationalisation, Gordon Brown said it was in the best interests of the taxpayer. The Conservatives called the decision catastrophic.
