Impact of Northern Rock Restructuring
The North East of England headquartered bank grew strongly during the 1990s and early 2000s following its demutualisation. During 2007 the Bank sought and received a liquidity support facility from the Bank of England, following problems in the credit markets caused by the financial crisis of 2007-08. The bank was nationalised shortly afterwards, following the failure to find a suitable buyer.
Regeneris undertook a comprehensive assessment of the economic impacts of the restructuring of the bank upon the regional economies of the UK, with a particular focus on the North East of England. This included an assessment of the short, medium and long term effects, allowing for the downsizing of the bank and the redundancy programme, as well as the longer term adjustment of the business base and labour market.
The assessment was used to inform the UK Government of the potential impact, to make the case for additional resources from BIS for a range of business support and active labour market measures, as well as informing the design of these measures.
Assessing the economic consequences of Northern Rock restructuring for the North East and UK
ONE North East