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Nationalisation: it might just work

Predictably, the knives are out for Alistair Darling and the UK government for nationalising Northern Rock. But most of the criticisms are hollow. All along, the government has done pretty much the sensible thing in very difficult circumstances. It is a pity the Virgin deal did not come off, but the government’s plan to nurse Northern Rock back to health itself should not be dismissed out of hand.

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