Lords backs down on Northern Rock demands

The Banking (Speciali Provisions) Bill was sent back to the Commons because of concerns over Freedom of Information laws and auditing procedures. However, MPs rejected peers' demands and the Lords agreed to back down late on Thursday. The bill has now been given royal assent after MPs voted 277 to 167 against independent audits of the banks and 268 to 171 to exempt the bank from Freedom of Information laws. The Government says Northern Rock’s annual accounts will be published by the end of March, following an independent audit. If you would like to comment on this story, contact: ...