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Northern Rock cost taxapayers £2bn
Northern Rock’s rescue has landed the taxpayer a bill of at least £2bn, an official report has found.
The estimated losses are flagged by the National Audit Office (NAO) report into the nationalisation of the bank in 2008.
The report accuses former chancellor Alistair Darling, for failing to look at the full consequences to the taxpayer.
After nationalisation, the bank was split into a mortgage lending and savings arm, Northern Rock PLC, and a “bad bank” of toxic sub-prime assets, Northern Rock Asset Management.