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Northen Rock And The Northern Rock Foundation

by | 27th, February 2008

NORTHERN Rock and the Northen Rock Foundation it’s your money now. The Croydonian takes a look:

Very generously, the expropriators of Northern Rock have agreed to continue giving the Northern Rock Foundation large sums of money to spend as the trustees see fit:

Tim Farron: To ask the Chancellor of the Exchequer if he will ensure that the guaranteed funds for the Northern Rock Foundation will go to funding arts and heritage projects .

Angela Eagle : As part of the Government’s decision to take Northern Rock plc into temporary public ownership, on 17 February the Treasury announced that the Northern Rock Foundation will receive from Northern Rock a minimum of £15 million a year in 2008, 2009 and 2010. The distribution of funds is a matter for the trustees of the Northern Rock Foundation.

A quick snoop around the Foundation’s website makes it exceedingly clear that it is not going to be operating under straitened circumstances, relative to previous years:

From 1997 to 2007, t he Foundation receive d 5% of Northern Rock’s annual pre-tax profits, totalling more than 190 million. As part of the Government’s decision in February 2008 to take the company into temporary public ownership, the Foundation will receive from Northern Rock

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Posted: 27th, February 2008 | In: Money Comment (1) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink