UK Chancellor squirms more than a Northern Rock CEO

Alistair Darling was interviewed on BBC Radio 4’s Today programme this morning and was plainly uncomfortable about the situation he finds himself re Northern Rock, struggling to counter accusations of incompetence.

He ridiculed the notion that the Govt was already lending £40bn via the Bank of England, but it can’t be far off as the business continues to find it impossible to attract wholesale funds from banks concerned that they will look stupidly if they are left holding Northern Rock debt by rolling over existing debt or providing new funds. Only retail depositors are being provided with a Government guarantee.

Click here to hear the interview

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