Northern Rock plc: Compensation
(asked on 20th May 2024) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of delivering compensation to former Northern Rock PLC shareholders.
This question was answered on 23rd May 2024
HM Treasury considers the issue of compensation for former Northern Rock shareholders to be settled. Both the Upper Tribunal in 2011 and the Court of Appeal in 2013 upheld the independent valuation of Northern Rock shares at nil value immediately prior to public ownership, and that no compensation was therefore due. HM Treasury does not intend to revisit this issue.