Regulatory and Banking Reform

I am grateful to the noble Baroness, Lady Turner of Camden, because these considerations will be ones which prospective bidders for Northern Rock will be asked to address in their bids. Of course, the Government are very mindful of the situation in the north-east and its dependence on the public sector in particular. I am sorry that my noble friend Lord Bates is not here today because I am always refreshed by his reminder to the House that a lot of vibrant new business is being generated in the north-east. But I very much recognise, as do the Government, the problems and the bidders will be asked to make a lot of these things clear when they come forward with proposals.