Brown still has to justify loaning billions of pounds from British taxpayers to Northern Rock

1.05.00pm UTC (GMT +0000) Wed 5th Dec 2007

Commenting on today's decision of the European Commission on state aid for Northern Rock, European Liberal Democrat Leader, Graham Watson MEP, said:

"I welcome the European Commission's swift response to the rescue package for Northern Rock. The fact that it only took eight working days to approve the UK government aid is good news for Northern Rock investors and clients alike and a proof of Brussels concern for what occurred. Had the Bank of England acted with the same foresight as the ECB when the problem emerged, a rescue might never have been necessary. However, this decision will mean one less headache for Gordon Brown who still has to justify loaning billions of pounds from British taxpayers to Northern Rock".