Prime Minister's question asked in the House of Commons, by Lord Cameron of Chipping Norton (Conservative). It was answered on Wednesday, 23 January 2008 on behalf of the Prime Minister.

Engagements

Question: The Prime Minister will not tell us how much the taxpayer is in for, but the figure is £55 billion. Effectively, he has lumped every household in the country with a second mortgage. Taxpayers want to know how long it will be before they are off the hook, so will he say how many years it will be before the bonds are repaid?

Answer: We would be the first to be repaid under the scheme. The loans and the bonds are secured against the assets of Northern Rock. I think that the right hon. Gentleman should think very carefully about what he has been saying about Northern Rock. In September, he said that he was wholeheartedly behind our proposals to save the company. Then, in the last few weeks, he and his shadow Chancellor have toyed with nationalisation, administration and a private sale. Is it not about time that the Opposition were consistent in their thinking about Northern Rock?

Secondary information