Nationalisation of Northern Rock in financial services. The OFT concluded that "public support for Northern Rock did not, during that period, have a significantly adverse impact on competition." In February 2008, Ron Sandler was appointed Executive Chairman by the government. Bryan Sanderson, Sir Ian Gibson, David Jones and Paul Thompson resigned from the board at this time. Gary Hoffman became Chief Executive of Northern Rock in October 2008. He has previously been the vice chairman of Barclays and a former Managing Director of Barclaycard. With the appointment of Gary Hoffman, Ron Sandler changed to a Non-Executive Chairman position. On 4 November 2010 Hoffman left
Nationalisation of Northern Rock but name, Northern Rock is now nationalised". The addition of this borrowing to the Government's totals increases the National Debt from £537 billion, or 37.7% of GDP to around 45%, breaking the so-called Golden Rule which sets the Public Sector Borrowing Requirement threshold at below 40%. The figure is the equivalent of £3,000 additional borrowing for every family in Britain. In the 2008 Budget, the Chancellor of the Exchequer announced that the government would issue £14 billion of gilts in order to cover the Northern Rock debt. On 26 March the Financial Services Authority released an internal report into the