Rock to be nationalised
The Chancellor will at 4pm this afternoon announce that the Rock is to be nationalised.
He and the Prime Minister have finally decided - on the clear advice of the Treasury - that taxpayers interests would be best protected by taking the troubled bank into public ownership.
The decision will be a blow to the bank's shareholders - who will receive next-to-nothing in the short term for their shares.
Emergency legislation to nationalise the bank will be introduced into the Commons tomorrow afternoon.
I will file more on this as time permits later.