Chancellor George Osborne
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Northern Rock sale announced by George Osborne

Northern Rock is being sold to Virgin Money for £747m, the government has announced.

The bank was nationalised in 2008 following its near collapse at the onset of the global credit crunch.

Chancellor George Osborne said: "We are getting some of the money back that we put into the banking system under the last government."

  • 17 Nov 2011