Despite the promises, it seems unlikely that the Treasury will make its money back from the upcoming sale of Northern Rock after all. Not so long ago even the likes of Osborne were suggesting  that some profit would be made when a suitable buyer was found. The bank has just posted losses of £78.8 million for the first half of this year.

Who would have thought that buying the first British bank to have run on it in 150 years won’t make you any money…