Northern Rock bonuses indefensible, says Cable

Commenting on the announcement that Northern Rock is to give its staff a 10% bonus, Liberal Democrat Shadow Chancellor, Vince Cable said: "This is bringing the worst of the City bonus culture into a public body.

"This is an extraordinary action from a state-owned bank which still owes billions to taxpayers.

"When millions of people are facing pay cuts or even unemployment, this is indefensible.

"The Government should step in to stop this now."