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Michael Henderson

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And so it rumbles on...

Friday, 15th February 2008

Anyone who hoped the Branson Express would soon sweep in and clear-up the Northern Rock debacle will be disappointed this morning.  

The Times reports that two hedge funds - which together control a 19.68 percent stake in the Rock - are set to vote against the Virgin Group's rescue proposal.  Indeed, someone "close to one of [Northern Rock's] leading shareholders" even issued the chilling proclamation: "If it were a two-way competition between Virgin and nationalisation, we would vote for nationalisation".  

The Government can't wash their hands of all this quite yet... 

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