Dundee LibDems welcome government's "belated" decision over Northern Rock

5.52.32pm GMT Mon 18th Feb 2008

Vince Cable MP speaking in the House of Commons

Dundee Liberal Democrats today (Monday 18th February) welcomed the Westminster Government's belated decision to temporarily nationalise the Northern Rock bank.

Liberal Democrat Shadow Chancellor, Vince Cable MP said, "Belatedly the Government has made the right decision. This is the option the Liberal Democrats have argued for from the outset, unlike the Tories who have no alternative to offer.

"In an issue of such major national interest the focus must now be on the next steps. The first priority must be to work out the seriousness of the problems at the bank with an independent audit of its loan book. This must be conducted under the auspices of the Bank of England, not the FSA."

Here in Dundee, LibDem councillor Fraser Macpherson said, "The Labour government at Westminster has dithered over this matter and it has done the government's reputation on financial matters no good whatsoever. The LibDems were calling for the nationalisation step to be taken months ago."

Related Links:

Belated Northern Rock nationalisation the right decision - Cable.

Alistair Darling 'dead man walking' over Northern Rock - Daily Telegraph.