Northern Rock

Ronnie Campbell Excerpts

Monday 21st November 2011 Commons Chamber

[Mr Hoban]

My hon. Friend is absolutely right. Since we came to office, we have reformed the failed tripartite arrangements that were introduced by the Labour party. We are changing the nature of banking in this country by establishing the Independent Commission on Banking, whose proposals on ring-fencing will mean higher levels of capital and better levels of liquidity for businesses. We are tackling the mess that Labour left behind, and the disposal of Northern Rock is part of that story.

[Mr Ronnie Campbell (Blyth Valley) (Lab)]

This is a three-year deal by Mr Goody Two Shoes, Mr Branson. [Interruption.] That is what he is: Goody Two Shoes. What will happen to the people in Newcastle? Will he come to London, or will he go offshore after three years? Where is the guarantee for those workers?

[Mr Hoban]

I think that there is a better guarantee of jobs under the current proposal than there would have been if Northern Rock had continued as it was. The problem with Northern Rock was that its cost base exceeded the business that it was writing, and that posed a long-term—[Interruption.]