Time is almost up for The Northern Rock.
THE Northern Rock is set to be sold to a single buyer in a deal worth more than £1 billion, the Chancellor is set to announce this evening.
In his Mansion House speech the Chancellor will confirm he has rejected the other options of floating the bank on the stock exchange or turning it back into a building society.
Cash from the sale will help off-set the £1.4 billion the Government was forced to spend propping the bank up when it came close to collapse.
The Rock has been split into a "good bank", containing customers' savings and about 70 branches, and a "bad bank" containing the more toxic loans.
The former is set to be sold, while the latter will continue to be owned by the Treasury.
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