Northern Rock Restructuring

The takeover of the Northern Rock Bank was the first major outcome of the 2007 global financial crisis, which resulted in the turmoil on financial markets, the collapse of major banks including Lehman Brothers and eventually world recession. The nationalised lender made 1,300 people redundant, the majority from the North East, as it attempted to recover from the financial crisis which engulfed the country.

Working closely with the regional development agency and Northern Rock, we undertook detailed analysis of the economic and labour market impact of the restructuring programme at a North East and UK level. This included sophisticated analysis of the redundancies on the North East labour market and reductions in expenditure on the supply chain. 

The assessment was used by the regional and local economic development agencies in lobbying for additional financial support for projects to help the most affected areas and groups to tackle the challenges of the restructuring.