'Black Rock' costs tax payers extra billion every week

The Northern Rock crisis is costing the taxpayer the equivalent of twice the country's primary school budget, it was claimed yesterday.

Acting Liberal Democrat leader Vince Cable said the Government's initial £25billion bail-out was growing by £1billion a week.

He accused the Treasury of leaving itself open to "blackmail" by hedge fund shareholders who were threatening to block any sale of Northern Rock unless yet more public money was poured into it. Link