Northern Rock

The Bank of England's financial backing for Northern Rock is rapidly approaching £13bn, according to New Star economist Simon Ward.

Virgin Group is reported to be considering taking a majority stake in troubled mortgage lender Northern Rock.

The Liberal Democrats have accused Chancellor Alistair Darling of being complicit in irresponsible lending by using taxpayers' money to underwrite Northern Rock.

The FTSE100 began the day down 45.40 or 0.68% at 6679.10 with miners acting as the main drag on the index.

The FSA has come under fire from the Treasury Select Committee for only reviewing Northern Rock's financial situation every three years.

Northern Rock has today made a number of changes to its mortgage range, which has seen the range cut by more than two thirds.

The ABI says it welcomes today's increase on cover for deposits to 100% of the first £35,000 of each depositer's claim but says this rise has gone far enough.

Northern Rock may have received another bailout from the Bank of England, according to New Star economist, Simon Ward.

Savers who are worried about depositing money with a single bank could be reassured by saving with a money market fund, according to Fidelity.

Investor confidence in the UK financial industry was at its highest point in almost three-and-a-half years before the Northern Rock panic, statistics suggest.