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Northern Rock's £270m blunder

Around 152,000 Northern Rock customers will receive hundreds of pounds each in refunds over incorrect paperwork in loan deals.

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Labour: Osborne failed to mention Northern Rock payout in Autumn Statement

George Osborne’s smoke and mirrors in last week’s Autumn Statement continue to be exposed.

Now the Treasury has admitted that public sector net borrowing will be £270 million higher this year as a result of mistakes at Northern Rock.

But this figure was not revealed to parliament last week or in the official forecasts, even though the Treasury has admitted it knew about this problem in October.

It’s time George Osborne started being honest with people.

No amount of trickiness with the figures can disguise the fact that his failure to deliver jobs and growth means he is borrowing billions more than he planned.

– Shadow Treasury Minister Chris Leslie MP

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