Rock nationalisation pushes debt over limit

The nationalisation of UK bank Northern Rock has added more than £92bn (€115bn) to British public debt and breached the Treasury’s sustainable investment rule, according to official estimates today.

The Office for National Statistics (ONS) needs more time to assess the full impact, but suggested the move – as well as the full inclusion of the Bank of England in the figures – put the UK’s net debt at 43.1% of GDP in March.