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UK Treasury Statement: Chancellor announces sale of Northern Rock

( November 17, 2011, 09:46 GMT | Official Statement) -- MLex Summary: The UK government is selling nationalised bank Northern Rock plc to Virgin Money for 747 million pounds in cash with the total possible rising to more than one billion pounds in the future. Chancellor George Osborne said this will increase competition, safeguard jobs in the North East of England, and was in best interests of the taxpayer. The government has no plans to sell Northern Rock (Asset Management) plc, which will be wound down.Full press release follows below...

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