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Gordon Brown defends government handling of Northern Rock case

Despite the criticism in a National Audit Office report today, Gordon Brown has stepped forward to defend the government's actions with regards to Northern Rock. As we covered in one of our earlier posts, it appears the company continued to approve 125% mortgages even after the taxpayer led rescue package had been put in place. This goes against all of the comments and conditions which the government had apparently insisted upon for the bailout and has surprised many.

It would appear that the report has taken the UK government somewhat by surprise and despite repeated claims that Gordon Brown is happy with the way the Northern Rock issue was handled it would appear he may have many more questions to answer when he returns from business in Berlin. The opposition parties are already lining up to criticise the Treasury and the UK government in general but Gordon Brown is sure to catch the most criticism when he next steps into parliament.

The problem now is, how can UK banking leaders believe what the government is saying when apparently it appears to say one thing in public and carry out very different actions in private. It would seem that the trust factor the UK government had gained from the banking sector is starting to seep away at an alarming pace.

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