Prime Minister's question asked in the House of Commons, by Lord Cameron of Chipping Norton (Conservative). It was answered on Wednesday, 20 February 2008 on behalf of the Prime Minister.

Engagements

Question: Yes, Northern Rock. If the Prime Minister wants a question on Northern Rock, here is one for him. Last night, we learned that Northern Rock will not be subject to the Freedom of Information Act. I have the legislation here, and it says that, for the purposes of the Freedom of Information Act, Northern Rock is"““not…a publicly-owned company.””" What is the Prime Minister trying to hide?

Answer: The only reason that the Freedom of Information Act comes into this is that it would be unfair on Northern Rock if other companies knew everything about its business plan. It is surely a matter of commercial confidentiality that Northern Rock should be able to plan its business future. As far as the commercial future of Northern Rock is concerned, we have made it absolutely clear that the bank's new head, Ron Sandler, will operate in a commercial market. He will be able to decide on repossessions and all other issues, and he will put forward his plan for the restructuring of the company. However, it may be helpful if the Conservative party would explain its plan—which is now to run down Northern Rock and to have a fire sale of its assets and get less than market value for them. That is the worst possible deal for the taxpayer.

Secondary information

Type: Oral question
Reference: 472 c344
Session: 2007-08
Oral question type: Supplementary
Chamber / Committee: House of Commons chamber
Subjects: Disclosure of information Freedom of information Nationalisation Northern Rock
Link: View this Prime Minister's question on www.publications.parliament.uk