Tuesday, February 19, 2008

Northern Rock deal could cost us each £3,500

By Andrew Porter, Robert Winnett and Edmund Conway Last Updated: 12:31pm GMT

The cost of the Northern Rock crisis has reached the equivalent of £3,500 for every taxpayer as experts warned that the nationalisation rescue of the bank was bound to fail.
Taxpayers' exposure to the beleaguered bank has doubled since the beginning of the year and now stands at about £110 billion - more than the annual budget of the NHS and the equivalent of 27p on the basic rate of income tax.


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