Nationalisation of Northern Rock that Northern Rock was to be nationalised claiming that the private bids did not offer "sufficient value for money to the taxpayer" and thus the bank was to be brought under a "temporary period of public ownership". The government is the sole shareholder through UK Financial Investments Limited, and the Bank is managed at "arm's length" on a commercial basis by an independent board under Ron Sandler. Customers are not affected by this change. A Government-appointed arbitration panel will decide on a fair price for the compensation to be offered to investors for their shares. Prior to the markets opening
Letts Executive Letts Executive The Letts Executive was the executive of Majority Leader of the Northern Territory Goff Letts, who led the Northern Territory from the implementation of the Northern Territory Legislative Assembly in 1974 until his defeat in his own seat at the 1977 election. It was the first ministry to come from the Legislative Assembly. He was the only head of government of the Northern Territory not to assume the title of Chief Minister of the Northern Territory, as self-government was not granted until 1978. His governments did not have anywhere near the range of powers available to Territory governments