With Northern Rock’s announcement of £724 million losses for the first half of the year it looks like it’s going to remain owned by the taxpayer for some time yet.

In fact I think for stability it may well be prudent for the Government to make clear their intentions to hold on to this business for the significant future or at least until certain criteria are reached.

It’s quite clear that Northern Rock was all but terminally damaged by the lending/banking crash and that at present any attempt to sell it off would merely appease asset strippers and speculators and prove an expensive write off for British tax payers.

I just hope the Government are proactive in working with the bank to ensure restructuring and revamping of their financial products is in such a way as to be in the best interests of the taxpayer in the long term. After all it is important to sell off these nationalised assets but not at any price.