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Northern Rock errors cost £270m

Northern Rock errors cost £270m
The discovery of incorrect documentation on loans in the Northern Rock portfolio is set to cost the Government £270m.

Inquiries by UK Asset Resolution - which manages Northern Rock assets - found selected letters and customer account statements were not compliant with the Consumer Credit Act. As a result, Northern Rock customers will be repaid interest charged over the period.

In a written statement, Economic Secretary to the Treasury Sajid Javid said the remediation would not ultimately delay the repayment of government funding to the Northern Rock asset management portfolio.

In the Commons chamber, Shadow Chancellor Ed Balls complained to the Speaker Bercow that the Treasury had tried to "slip out" the news during topical questions.

George Osborne strongly denied the charge, saying: "There was no pre-empting of this announcement, it was laid as a written question one hour ago and I thought it would be appropriate, Mr Speaker, to illuminate in oral questions as ministers frequently do at the despatch box."

Green Box: Northern Rock errors cost £270mClick to open

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