Better late than never

Many were yesterday questioning whether it is right for the Government to use tax payers' money to give a guarantee to savers that they will not lose out.

But we take the view that it was a necessary step in the light of the panic which had spread like wildfire through the banking system. It had to be done - and it probably should have been done sooner.

Had the Government stepped in earlier, when it became clear that the Bank of England's support was not going to be enough to ease public fears, perhaps Northern Rock may not have suffered so much damage.

And that is the real sadness for the North-East because one of the region's most committed and valued pillars of the business community has been badly tarnished.

Northern Rock has been a key flag-bearer for the North-East, investing heavily in the region's sport and culture, and handing out £175m to community organisations through its charitable foundation.

It is also a respected employer of 4,500 North-East people who have been cast into a highly stressful situation and done their utmost to work through the crisis.

It is our sincere hope that Northern Rock's recovery now gains momentum and that it can claw its way back to normality. Mistakes have been made, but it is a company with the kind of track record that should be rewarded with our support.

From this region's perspective at least, the Government's action is definitely a case of better late than never.