Virgin bid for ailing bank, but temporary nationalisation is still the best option

Northern Rock has confirmed that it has chosen a consortium led by Sir Richard Branson's Virgin Group as its preferred buyer for the stricken bank. Virgin's offer - which has been backed by the Treasury - includes an immediate repayment of £11bn of the £25bn the bank owes the Bank of England. However the Liberal Democrats have repeated calls for the Government to take over control of Northern Rock, arguing that although a private buy out of Northern Rock which guaranteed that all tax payers' money would be repaid with interest within a fixed time period would be the most desirable course of action, this seemed highly unlikely, and as such temporary nationalisation is needed. Acting leader Vince Cable today called for trading in the bank's shares to be suspended. In a letter to Bank of England Governor Mervyn King, he has also asked for reassurances about the security of the loaned money and the interest rate being charged.

26 Nov 2007
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Bouverie Square Opens its Doors to Folkestone Shoppers

Bouverie Square - Folkestone's new £30m shopping centre - was opened this morning at 10am. The opening party included Centre Manager Paul Stone, Michael Howard MP, Shepway Council Chairman George Bunting, Mayor of Folkestone Peter Gane and Deputy Mayor Emil Sanger.

26 Nov 2007
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72 Deans Road

Action demanded on dilapidated house

East Park campaigner Darren Friel says that a house in Deans Road, has been unoccupied for almost 8 years.It is overgrown, dilapidated and a Ânightmare for neighbours, the police and the fire service. The problem was discussed at the Council's ÂResources Panel back in September 2006 - yet still nothing has happened. Darren said,"Three bed roomed houses are hard to come by in this area and action is essential immediately. The Council must permit no further delay. Unfortunately, the £10m Âregeneration of East Park includes two bedroom properties only, and larger families are having to look further afield for their housing needs. This could see pupil numbers fall in our schools,which would impact on our local shops and Âamenities. Our three Labour councillors are clearly not interested."

26 Nov 2007
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