Taxpayers face £1bn Northern Rock loss

TAXPAYERS stand to lose at least £450m on the nationalisation of Northern Rock, according to warnings from the government’s own advisers. Goldman Sachs told the Treasury in February that losses to the public purse could stretch to £1.28 billion even in benign market conditions, leaked court documents have revealed. The explosive revelations will add to concerns over the level of public subsidy for Northern Rock,... [read full story]