Rock debt goes on public balance sheet

Crisis-hit lender Northern Rock’s £24bn (€32bn) taxpayer debts have been taken on to the public balance sheet, the Office for National Statistics (ONS) said today.

Crisis-hit lender Northern Rock’s £24bn (€32bn) taxpayer debts have been taken on to the public balance sheet, the Office for National Statistics (ONS) said today.

The move means Government borrowing is now likely to breach the Treasury’s “golden rule” on debt not exceeding 40% of GDP income.

The ONS said: “The decision is based on a judgment that the public sector has the power to control Northern Rock’s general corporate policy.”

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