Northern Rock office to close

UK Asset Resolution, the body set up by the government to manage the toxic assets resulting from the collapse of Northern Rock and Bradford & Bingley, will close down a north east England site in a move that will affect 700 staff. UKAR said in a statement that it planned to withdraw staff from its Gosforth site by mid-2013. It added that the majority of these workers would have the chance to relocate to the nearest UKAR site some 18 miles away. But chief executive Richard Banks said job losses were likely under the move to close the office, which he said was no longer cost effective now that the firm is winding down some operations.