Rochdale taxpayers £900 per person stake in Northern Rock!

Date published: 20/11/2007

Paul Rowen MP has claimed that, "every taxpayer in Rochdale has about £900 at stake in the Northern Rock crisis."  Mr Rowen was speaking after the Lib Dems launched a petition calling on the Government to come clean about Northern Rock. Shares in the bank fell by 25% this morning (Tuesday 20 November), before recovering to stand 17% down, as uncertainty about whether it would be bought continued.

Meanwhile shares in the UK's third-largest buy-to-let mortgage lender, Paragon, have nearly halved after the firm said it faced funding problems.

The Lib Dem petition reads: "We, the undersigned, believe that Gordon Brown should come clean on Northern Rock. He must reveal how much of our money he has lent the bank, and tell us when they will pay it back."

Mr Rowen added: "Like many people, I have serious concerns about what is going on at Northern Rock.  The fact that every taxpayer in Rochdale has a £900 stake in this company should chill us.  This is a significant proportion of the average Rochdale resident’s wage per year.  The figure is significant enough to deserve answers to the questions.  The least the Government should do is come clean on Northern Rock.  People in my Constituency deserve to know how much of our cash he has lent to the bank.  More importantly he should come clean on the terms and conditions and timescale that they have to pay our hard earned money back.

"I appreciate that the bank are under enormous difficulties.  It is clear though this week that a private investor is now not going to take over this ailing bank.  The truth is that there is only one solution. The Government should temporarily take control.  This would eliminate the conflict of interest in the company and give time to stabilise it."