The Rock and the powers that be

New legislation giving Ministers the power to take control of financial institutions is to be rushed through Parliament before the end of the week to enable the government to go ahead with the nationalisation of Northern Rock.

The Conservatives are threatening to vote against the bill and the union which represents the bank's employees - Unite - is meeting north-east MPs today to press for the preservation of jobs.

And within the banking industry, there are growing concerns that a government-owned Northern Rock backed by taxpayers money could be at an unfair competitive advantage.

Krishnan spoke to Baroness Kingsmill, the former deputy chairman of the Competition Commission.

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