A leading Liberal Democrat has claimed the taxpayer is being "taken for a ride" over the sale of Northern Rock to a consortium led by Virgin, amid fears the bank wil have its assets stripped.
Experts fear the bank has been sold virtually for free under a deal which could see Sir Richard Branson's empire claim its cash supplies, according to the Daily Mail. Lord Oakeshott, a City investment expert, said he was deeply concerned the sale is ill-advised and ill-timed: ‘Wilbur Ross and his frontman Sir Richard Branson have taken the Treasury and the taxpayer for a ride. Virgin Money announced it is paying £747m for Northern Rock after ministers accepted an offer ‘in the best interests of the taxpayer'. Branson's company is putting up only £50m, plus around £250m from U.S. in...
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