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Northern Rock

I welcome the Chancellor's statement on the basis that it protects the interests of taxpayers, which the Treasury Select Committee identified in its report. Given the arm's length management that will operate under Ron Sandler, no doubt the Committee will want to receive regular updates from him and his colleagues to ensure for ourselves that accountability is the key here. Given the unique position of Northern Rock as a nationalised institution, does the Chancellor agree that accountability is extremely important in order that it does not distort the financial markets at any time?