Taxpayers' £66bn bank rescue cash 'may never be recovered'

The Public Accounts Committee's report on the sale of Northern Rock said the government lacks the skills and resources needed to carry out a successful sell off of its stakes in the two banks. Chairman of the committee of public accounts Margaret Hodge said: "Once UKFI decided to sell the bank, the sale was handled well, but the taxpayer still lost nearly half a billion pounds.  There were only two bidders and it was fortunate that Virgin Money was particularly keen to buy. "The lack of competition does not fill us with confidence that the taxpayer will make a profit on the sale of the t...