Darling to unveil Northern Rock sale plans

UK Chancellor Alistair Darling will this week outline plans to sell nationalised lender Northern Rock to a player with little presence in the mortgage market under plans to revive competition in the banking sector, it was reported today.

Darling’s White Paper on banks and regulation reform – expected on Wednesday – will reveal that the Treasury aims to reignite rivalry between banks after the financial crisis lessened competition through the consolidation and collapse of major players, according to the Financial Times.