Cable in warning against fire sale of Rock; Minister accuses Lib Dem of scaremongering over bank.

Byline: William Green 

NORTHERN Rock could be sold off at a reduced price as part of efforts to ease the country's financial crisis, Vince Cable warned last night.

The Liberal Democrat Treasury spokesman claimed that both the Conservatives and Labour would look at a fire sale of the Newcastle bank after the next election to bring in cash to ease the national debt.

Mr Cable said he believed that it may take as long as a decade of public ownership to get the Rock back on its feet, based on the experience of nationalised institutions in other countries. He said: "There may well be a temptation for a Tory Government to sell it off quickly and cheaply or indeed by this Government."

Regional Minister Nick Brown hit back at Mr Cable's comments, accusing the Lib Dem of "scaremongering".

"We are not going to Full story jeopardise the taxpayers' interest in the way he describes," said Mr Brown. P5