Northern Rock loses £232million

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NORTHERN Rock has insisted it is on the road to recovery, despite a £232.4million pre-tax annual loss.

Chairman Ron Sandler admitted the figure for 2010 was “disappointing” but insisted progress was being made as the shortfall narrowed in the latter half of the year.

The results came under fire with Unite national officer David Fleming saying progress had “come at a heavy price” after 2,500 people lost their jobs.

Northern Rock was nationalised in February 2008 after it collapsed amid the credit crisis and it was split into two at the start of last year. The results were attributable to the “good bank” Northern Rock Plc.