UK Parliament discusses nationalisation of Northern Rock
The UK Parliament has been discussing the proposed nationaslisation of the troubled UK bank Northern Rock. If the bill is pased it will be the first such move by the UK government since the 1970s.
The bill was introduced by Yvette Cooper from the UK Labour Party. Philip Hammond (Conservative) responded by saying that the bill should only apply to Northern Rock as if a similar crisis happens again parliament should carry a new bill through parliament. Hammond also said that the House of Commons were not given enough time to discuss the bill. Simon Hughes (Liberal Democrats) said he accepts nationalistaion is required but that he thinks the bill should be passed through over a longer period of time to allow the House of Commons to fully review the bill.
Conservative Members of Parlaiment said lots of conventions in lawmaking had been broken in the bill. Yvette Cooper responded to this said that she hopes Members of Parliament will "understand the unusual circumstances" of the situation regarding Northern Rock.
Sources
Alistair Darling "Statement by the Chancellor of the Exchequer, Rt Hon Alistair Darling on Northern Rock
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