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The Economy

I very much hope that it will. My hon. Friend knows that when we lent money to Northern Rock, there was a lot of scepticism—especially among the Conservatives—about whether we would ever get any of the money back. When we eventually nationalised the bank, there was downright hostility, but few would say now that that was not the right thing to do. Of course, we have new legislation, which would help us in future. However, Northern Rock has been able to repay, ahead of schedule, the money it borrowed from the Government. A loan of about £10 billion is outstanding, but I think it right, in the light of changed circumstances, to allow Northern Rock to re-enter the mortgage market. That is important.