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But what if in two years time Northern Rock was worth £100m less than it is now? The sale of capital is always a matter of timing of when to release the capital invested to gain the most worth and enable the cash to be used for something else. Gordon Brown clearly made the wrong decision...

But why do you think they will restrucuture if what they are taking on is not surplus to requirements at the moment?

Possibly not. The current VM operation is excatly the opposite of what NR do so there shouldn't be a need for big job losses. This is actually one of the better reasons for selling now as Virgin Money are a willing buyer who will use the actual business. Down the line they might only have...