Alistair Darling revealed he has a mortgage with Northern Rock yesterday as it emerged that billions of pounds of taxpayers' money is on the line over the crisis.
The Chancellor confessed to having an unspecified home loan with the bank while unveiling new measures to protect savers.
The Government has agreed to guarantee the Bank of England's finances in the wake of its rescue of the Newcastlebased lender.
The Treasury has offered an 'indemnity' to the Bank of England to insure it against any losses it makes in providing billions of pounds of loans to Northern Rock.
This effectively means taxpayers' money would be at risk if the Bank of England cannot recover the full amount it has loaned. The move underlines the strains that crisis is placing on the Bank of England - an institution which is meant to have rock- solid finances.
Why I call him squealer.
The Chancellor confessed to having an unspecified home loan with the bank while unveiling new measures to protect savers.
The Government has agreed to guarantee the Bank of England's finances in the wake of its rescue of the Newcastlebased lender.
The Treasury has offered an 'indemnity' to the Bank of England to insure it against any losses it makes in providing billions of pounds of loans to Northern Rock.
This effectively means taxpayers' money would be at risk if the Bank of England cannot recover the full amount it has loaned. The move underlines the strains that crisis is placing on the Bank of England - an institution which is meant to have rock- solid finances.
Why I call him squealer.
Tags: Squealer, Northern Rock, New Liebour, Politics, Alistair Darling, Animal Farm
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