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Northern Rock

Volume 475: debated on Tuesday 29 April 2008

To ask the Chancellor of the Exchequer what forecast he has made of the size of Northern Rock's mortgage book at the end of (a) 2008 and (b) 2009. (201668)

During the period of temporary public ownership, Northern Rock will be managed on an arms' length, commercial basis. It is a matter for the company's management to release specific business updates.

On 31 March 2008, Northern Rock published a business plan that meets the Government's objectives, setting out its strategic priority to reduce the size of its balance sheet by over 50 per cent. to £49 billion by 2011.