The British government is taking steps to nationalise troubled bank Northern Rock after deals for a private buyout proved unsatisfactory. The government had already shored up the bank to the tune of £29 billion in loans after a run on deposits that saw queues on the nation's High Streets. (For some reason, the Bromley branch was on the front pages of papers for about a week. It must have had something to do with photographic angles and the length of the queue.) Shareholders and erstwhile suitor Richard Branson (Virgin Rock? Northern Virgin?) are outraged as trading in shares has been halted in the City. Chancellor Alistair Darling has pledged that the business will remain in public hands only as long as required to ensure it is stabilised and then it will be re-privatised.
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