Union fears for future of Northern Rock employees following nationalisation decision

The union representing Northern Rock staff has expressed concern for their future following the government’s decision to nationalise the beleagured bank.

Chancellor Alistair Darling announced yesterday emergency legislation to temporarily bring the bank into public ownership. The decision was made because two private takeover offers did not offer “sufficient value for money” for the taxpayer, he said.

But Graham Goddard, Unite deputy general secretary, said the decision meant further uncertainty for the employees of the bank.

“Unite will now be seeking urgent clarification on the implications for the workforce. Employees will now be even more anxious about their long-term job security, terms and conditions and pension arrangements,” he said.

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The union is today (Monday) due to meet the bank’s new chairman, Ron Sandler, to discuss employee concerns on the future plans for the business.

“The union is opposed to any attempt to asset strip Northern Rock. Unite will resist any compulsory redundancies within Northern Rock,” Goddard added.