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Watchdog criticises Treasury

More than £66 billion of taxpayers' cash invested in RBS and Lloyds may never be recovered, a spending watchdog warned today as it criticised the Treasury for making a series of costly mistakes in its handling of Northern Rock.

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Treasury: Sale of Northern Rock was 'good value for money'

A Treasury spokesman has said that the sale of Northern Rock "represented good value for money."

He said: "We will provide a full response to this report in due course.

"The decision to nationalise Northern Rock in 2008 was taken in the interest of financial stability.

"The sale of Northern Rock plc to Virgin Money last year represented good value for money for the taxpayer, and has helped increase high-street competition."

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