CHANCELLOR George Osborne has refused to release the key report recommending the sell-off of Northern Rock.

UK Financial Investments (UKFI), which manages public stakes in British banks, recommended selling the Rock as the best option.

But despite huge implications for the Newcastle-based bank’s workforce and the regional economy, Mr Osborne is refusing to release the report even though questions have been raised in Parliament.

The blocking of the report’s publication comes despite UKFI offering some details in its latest annual report of the assessment of various options in terms of Northern Rock’s future – including how the Treasury provided “appropriate input” into the process.

Labour MP Andy Love, a member of the influential Treasury select committee, asked the Conservative Chancellor what advice he received from UKFI regarding the disposal of the Government's shareholding in Northern Rock and whether he would make a statement.

In a series of written Parliamentary questions, the London MP also asked Mr Osborne whether he would “publish the reports, advice and other information that underpinned his decision on the sale of Northern Rock”.

Treasury Minister Mark Hoban responded rather than the Chancellor, saying: “UK Financial Investments sent advice to the Chancellor of the Exchequer concluding that the best value would likely to be achieved by starting a sale process of Northern Rock plc.”

The Tory minister said Mr Osborne announced the launch of the sale in his speech at Mansion House on June 15, followed by statements by himself and fellow Treasury minister Lord Sassoon in Parliament the day after.

“The report received by the Chancellor of the Exchequer contains commercially sensitive information and will not be published,” said Mr Hoban.