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Northern Rock to be Nationalized The UK government has just announced plans to nationalise Northern Rock, the troubled UK mortgage lender recently hit by the credit crunch, and to which it has lent over £20,000,000,000. Now, this is hardly reassuring for anyone with any interest in Northern Rock, eg mortgage holders - of which I'm one, stockholders or savers. This is the first nationalisation since the 1970s (Rolls Royce) and no government over the past 50-60 years has shown much competence at running businesses - and this is apparently going to be run as a business. The responsibility for running this as a business is now in the hands of a government run by Gordon Brown; a man, who, whilst Chancellor of the Exchequer, seemed to be completely incapable of balancing the books even when the economy was in good shape - which it isn't any longer. We now will have the fun of waiting and seeing what happens next. Even though the two bids on Northern Rock were apparently not good enough, it is quite likely that they would have been better than the government running it.

Contributed by egdcltd on February 19, 2008, at 5:36 AM UTC.

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