Northern Rock is being sold to Virgin Money for £747m, the government has announced.
Northern Rock was nationalised in 2008 following its near collapse at the beginning of the global credit crunch.
Northern Rock plc will be rebranded as Virgin Money, which has pledged no compulsory job cuts for three years.
On the news tonight it was reported that even with some add ons of another £200 million, the £1 billion total would still mean the taxpayer being out of pocket somewher ein the region of £400 million.
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