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  1. ITV Report

Two billion pound bill for Northern Rock rescue

The sight, in September 2007, of savers lining up to get their money back from Northern Rock was a shocking demonstration that something had gone dreadfully wrong at the Tyneside based institution.

Now a report from the Commons Public Accounts Committee has put a figure on the estimated total cost to the taxpayer of sorting out the subsequent mess.

That figure is two billion pounds.

Margaret Hodge, the committee's chair, said that the then Labour government took too long (five months) before deciding to nationalise the Rock in February 2008.

The subsequent business plan was 'too optimistic'.

Whilst the recent sale of Northern Rock to Virgin Money was 'handled well', taxpayers are still looking at a potential loss of £469 million on that particular deal.