UK NEWS

RESCUE 'COULD COST VIRGIN £200M'

Virgin Group may have to pay as much as £200 million to the Government

Friday February 15,2008

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Sir Richard Branson's Virgin Group may be forced to pay as much as £200 million to the Government if it succeeds in rescuing Northern Rock, a report said.

The Government is understood to be pushing for a better deal for the taxpayer under Virgin's offer as the group hammers out the final details ahead of Saturday's reported deadline for revised proposals.

It is thought that the Government is hoping to secure between £100 million and £200 million for the taxpayer if Northern Rock is revived within three years, according to the Financial Times.

Virgin's bid is still thought to be in pole position for the troubled bank after the Government reportedly told Northern Rock's management that their "self-help" proposal did not come up to scratch.

TICTOC

16.02.08, 4:29pm

That is exactly how I feel.

As Browns in it right up to his brown stuff with the McCann's right now, it's funny how Branston stepped in to help, is this pay back?

• Posted by: hope4you • Report Comment

RESCUE 'COULD COST VIRGIN £200M'

15.02.08, 2:40pm

So? He can afford it, rather him than the taxpayer.

• Posted by: BoggyDepot • Report Comment

RICHARD BRANSON AND HIS BANKING SPIV FRIENDS

15.02.08, 12:37pm

stand to make a lot more than the pathetic £200 million their being asked to put up. Particularly as the tax payers endorsement of the £100 billion debt is giving them a relatively low risk investment in the deal.....this will end up as another Sneaky Gordon Brown give-away...that he is starting to become well known for...

• Posted by: TicToc • Report Comment

BROWN AND BRANSON

15.02.08, 10:17am

"The passenger lawsuit, which could be announced on Friday or Monday, is thought to have been brought by a US law firm on behalf of passengers who lost out as a result of BA and Virgin's price-fixing. The carriers admitted colluding over fuel surcharges on long-haul flights..."

Would the public trust any deal struck between Branson and Brown?

Once it is struck, then it would be hidden from the public for 30 years under the secrecy act, by which time, Gordon and Branson would have already retired with their fat pensions or may no longer be in this world.

• Posted by: Nalin • Report Comment