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Northern Rock: Government Assistance

Volume 472: debated on Monday 3 March 2008

To ask the Chancellor of the Exchequer what assessment he has made of the impact of loans advanced to Northern Rock on the Government’s (a) public sector borrowing requirement and (b) sustainable debt rule; and if he will make a statement. (179899)

Northern Rock liabilities classified to the public sector are temporary, backed by significant assets, and do not represent any meaningful measure of fiscal sustainability. The code for fiscal stability, underpinned by legislation passed by this House, provides for such situations.