Sunday, Mar 16, 2008
A very big cloud with a very thin silver lining
BBC News: Rock guarantees charity donations
The charitable arm of Northern Rock has increased its grants budget by £4m following the bank's nationalisation. But isnt this payed for indirectly by the tax payer?
Posted by titaniccaptain @ 03:23 PM (218 views) Add Comment
2 Comments
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1. Jj said...
Nothing at all surprises me in the UK anymore. Just waiting to see how much sponsorship they are giving out this year to football and rugby teams and other sports. Suppose its some sort of tax fiddle.
2. jack c said...
When the Rock was private the shareholders presumably sanctioned the release of a % of profit to the charitable foundation which is fair enough however now that NR is "in a period of temporary public ownership" surely the main priority is to stabilise the bank, ensure that Taxpayers get fair value and return it to the private sector. The continuation of the charity arrangements cant possibly be fair on the taxpayer - greater examination suggests that the whole NR deal and all that goes with is (IMO) corrupt.