Pre-Budget Report

Further to the point made by my right hon. Friend the Member for Wokingham (Mr. Redwood), there has not been a single reference to the fact that, only last week, Northern Rock decided to allow its principal securitisation vehicle, Granite, to go under and go into default asset recovery. As a consequence, the Government have sold a share in their own bank worth £3.3 billion, which is much less likely to be recovered, and it will take many years to do so. Where is the transparency on that toxic asset?