Bishop hits out at Rock’s critics
Nov 21 2007 by William Green, The Journal
THE Bishop of Newcastle has hit out at “overwhelming negativity” from London-based institutions towards Northern Rock and called for people to follow the North-East in supporting it.
Speaking in the House of Lords, the Right Reverend Michael Wharton praised the bank and its “wonderful” charitable foundation, as well as highlighting the support for the bank that has come from the North.
The Bishop – who revealed he is a saver with the firm – also asked if the Government was considering taking the bank into public ownership at least temporarily and welcomed confirmation that a deposit guarantee will continue.
He was speaking after Government minister Lord Davies of Oldham gave peers an update on Northern Rock amid signs that crucial support from the Bank of England could continue beyond a February review.
The Bishop of Newcastle said: “I speak as a citizen of Newcastle. Northern Rock is our bank and I am a saver with it. I am grateful for the continuing reassurance from the minister that my savings – not that they amount to very much but such as they are – remain safe.”
He added: “I have been struck by the way that the crisis at Northern Rock has been both perceived and reported by first, the people of the North-East and, secondly, the people in London-based institutions and media.
“There has been overwhelming public support for our bank from all the institutions in the North-East, but we perceive that there has been almost overwhelming negativity from London, blaming and scapegoating those on the board who have been responsible.”
The peer said he was pleased that Lord Oldham had confirmed Northern Rock’s main asset was strong and sound, which people in the region knew. He said: “We are at one in wishing for the bank to be kept intact by its new owners, whoever they may be. That is not simply because 6,000 jobs are at stake in the region – although of course they are. There is also considerable pride in and support of the wonderful contributions that the bank, through its foundation, has made to life in the North-East.”
