Osborne to flag Northern Rock sale – report
June 13, 2011
Chancellor George Osborne will use a major speech on Wednesday to announce plans to auction off state-owned bank Northern Rock, the Sunday Times newspaper reported.
The newspaper said that Osborne would make the announcement at his annual Mansion House address to the City of London’s financial elite — a gathering that will also be addressed by Bank of England Governor Mervyn King.
A Treasury spokesman declined to comment on the report, beyond confirming that Osborne’s speech would refer to financial services and banking issues.
Northern Rock was nationalised three years ago after becoming the first major British bank in more than 150 years to suffer a bank run, and Deutsche Bank has been advising the government on how to return it to the private sector.
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