One year on and still hard work

Story link: One year on and still hard work

In August 2007, Northern Rock faced its hardest times to date, which led to the bank eventually being nationalised in February 2008. One year on and the bank is still struggling to make some tough decisions!

One year on and still hard work

The bank was floored when the money markets froze in August 2007 and was nationalised the following February. February 17, 2009 marks its first anniversary in state hands.

Far from being yesterday’s cautionary tale, though, Northern Rock remains as pressing an issue as ever. Policymakers, when not battling to save the financial system from collapse, know that ugly decisions have still to be made. Most ugly of all, perhaps, is the prospect of more taxpayer money being poured down the great Northern Rock black hole.