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Government intervention welcomed by One Northeast

Northern Rock branch in Newcastle
Date 19 Sep 2007
Author bdaily.info
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Northern Rock branch in Newcastle

One NorthEast Chairman Margaret Fay has welcomed the Government's commitment to guarantee all money deposited with Northern Rock.

Mrs Fay said: "The Chancellor Alistair Darling's assurances of Government support, coupled with the Bank of England's offer of financial assistance, is excellent news for Northern Rock and further reassurance to its customers about the security of their investments. Northern Rock is a cornerstone of the regional economy and has its roots firmly embedded in the region.

"Its tireless work through the Northern Rock Foundation has helped hundreds of community groups, charities and arts clubs, making a real impact on the wider community it serves. "And its support of the North East Enterprise Bond - helping young people realise the benefits of working for themselves - is further evidence of the company's commitment to the region."

Northern Rock is a substantial contributor to the £7.9billion financial and business services sector in the North East, which includes companies in banking, financial services, insurance, contact centres, accountancy and legal services. It is estimated that 19,300 companies in this sector employ about 152,000 people.

Mrs Fay said: "Northern Rock also shows commitment to the North East by heading up a group of leading regional and national call centre operators, embedding best practice across the call centre industry and identifying opportunities for regional firms to exploit. Northern Rock chairs the North East Regional Call Centre Advisory Board. The company and other leading firms on this board are building on a contact centre strategy One NorthEast has drawn up with the industry, ensuring the private sector is spearheading development of this increasingly important facet of regional business."

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