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Dundee Liberal Democrats criticise huge payout to Northern Rock's former Chief Executive

March 31, 2008 10:12 PM
Northern Rock

Dundee LibDems criticise huge payout to Northern Rock's former Chief Executive

Dundee Liberal Democrats have today (Monday 31st March) criticised a huge payout to Northern Rock's former Chief Executive, following the near collapse of the bank and its belated nationalisation by the Labour Government.

Commenting on the release of Northern Rock's annual report, Liberal Democrat Shadow Chancellor, Vince Cable MP, said, "It is an utter disgrace that the man responsible for bringing Northern Rock to its knees, at the cost of thousands of jobs and billions of pounds to the taxpayer, is looking forward a £760,000 pay off and a £2.6m pension.

"It is also particularly galling that as millions of families struggle to cope with soaring mortgage costs, Mr Applegarth will continue to pay his mortgage thanks to a taxpayer subsidy."

Locally, here in Dundee, LibDem councillor for the West End Ward, Councillor Fraser Macpherson, said, "This payout is absolutely disgraceful. The Labour Government's handling of Northern Rock's difficulties has been exceptionally poor."

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