Clause 6 — Transfer of property, rights and liabilities

Part of Delegated Legislation – in the House of Commons at 8:30 pm on 21st February 2008.

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Photo of Stuart Bell Stuart Bell Second Church Estates Commissioner 8:30 pm, 21st February 2008

A robust statutory framework is in place at European level to prevent the unfair distortion of competition through Government subsidies, and the Government support of Northern Rock will need to be fully consistent with those guidelines. That should be sufficient assurance for anyone in the City of London to understand that Northern Rock will not have a competitive advantage over other organisations in the banking sector.