Rock on

Northern Rock to be nationalised
The UK Treasury is to announce on Sunday that it is to nationalise Northern Rock, the troubled British bank, the Financial Times understands.

The decision ends months of efforts to find a private sector rescuer for the stricken mortgage lender, which ran into trouble as a result of the international credit squeeze.  It means that neither of the two bids for the bank, from Sir Richard Branson’s Virgin consortium and Northern Rock’s management team, have been successful.