The City staff of Daily Telegraph has carried out an investigation into the September collapse of Northern Rock. On September 9th Chancellor Alistair Darling
felt unable to overrule Bank of England governor Mervyn King, who was refusing to
accept the request of £30bn from Lloyds TSB. This was for central bank funding to
to support Lloyds TSB's rescue bid for Northern Rock. The Newcastle-based bank
now has received taxpayer funds £24bn. There have been calls that to protect
these taxpayer funds Northern Rock should be nationalised.
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