Darling won't rule out merging Rock and B&B
Alistair Darling today refused to rule out a merger of nationalised Northern Rock and Bradford & Bingley.
Meger material: The Chancellor said it would be unwise to rule anthing out
The Chancellor said he had to keep his options open during the 'fast-moving' crisis in the banking industry.
Mr Darling was challenged to deny rumours of a state 'superbank' - created from the stricken lenders - during an appearance this afternoon before the Treasury select committee.
He said: 'I would make this general comment, that I think to make any broad-based specific comment like that at a time when things are changing rapidly… would be unwise. I will do whatever is necessary. We will do what is best in the public interest.'
Mr Darling admitted that mistakes were made by government regulators in the run-up to the credit crunch. And, increasing the pressure on Gordon Brown to give an apology, he said there was a need to show 'humility'.
'If you need to learn lessons, if you need to show a bit of humility, you do that,' he said.
There had been a widespread failure to realise that credit and liquidity could suddenly dry up. 'I think there were many people who came to believe this would go on and on,' he said.
Mr Darling is reported to have urged the Prime Minister to apologise for the failure of the Government to avert the crisis. But challenged by Tory committee members as to why Mr Brown had not said sorry, he replied: 'The Prime Minister and I have said exactly the same thing.'
Earlier Mr Brown was warned by one of his most influential MPs that he sounds 'shrill and mechanistic' to the public.
Jon Cruddas, a former deputy leadership candidate, said Conservative leader David Cameron was more successful in capturing the public mood and appeared to be 'the real deal'. 'It's hugely dangerous to Labour' said Mr Cruddas, MP for Dagenham. 'Because at a time when we could appear slightly shrill and mechanistic in terms of the language we use, Cameron is talking about relationships, empathy and fraternity.'
Asked if he thought Mr Cameron was 'genuine', Mr Cruddas told the Economist : 'He might be the real deal in terms of what he's talking about.'
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