‘Nobody ensure it coming’ – Northern Rock 10 years on

2 months, 7 days ago
Image copyright Getty Images Image caption Northern Rock was a key sponsor for Newcastle United

In the summer of 2007, Newcastle had much to look forward to. The Toon – Newcastle United – had a new owned, the billionaire retail tycoon Mike Ashley, and much was expected under the management of Sam Allardyce.

The performance of the team’s shirt sponsor, Northern Rock, was a source of pride; after decades of hard times following the end of shipbuilding and mining, the North East had a new economic champion, one that was giving the financial services giants of the South a real run for their money.

The former building society had demutualised and scaled the heights of the FTSE 100, the elite club of Britain’s biggest quoted companies, and in the process had become the fourth biggest bank in the UK by share of lending.

Bank bailout ‘should have been secret’ How the crisis improved savings security ‘That was chilling’: The fiscal accident recollected Image caption Northern Rock had borrowed heavily on the international fund markets Image caption Customers queued for hours to take out their savings Image caption Many who lost their savings want the government to change its mind on compensation Image caption Any surplus from Northern Rock’s privatisation should go to taxpayers, says the Treasury Image caption The collapse was the first sign in Britain of the coming global financial crisis