"As I write this, I'm wearing a T-shirt with "Rock steady" written on it. My mum gave it to me in September 2007 when she worked as a project leader at Northern Rock. She asked me to wear it to a rugby match. It was hoped the T-shirt would inspire popular support and save the bank from collapse. But the bank collapsed. The T-shirt was an insufficient fiscal tool.
Northern Rock never recovered. It was nationalised, and the government has been trying to sell it ever since. On Thursday it was announced it was being sold to Virgin Money for £747m. Ministers talked about how the sale "secures the long-term future of the company", but the Northern Rock name will turn to dust; it's being rebranded Virgin Money."
Northern Rock never recovered. It was nationalised, and the government has been trying to sell it ever since. On Thursday it was announced it was being sold to Virgin Money for £747m. Ministers talked about how the sale "secures the long-term future of the company", but the Northern Rock name will turn to dust; it's being rebranded Virgin Money."
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