Northern Rock - Action NOW is vital

Chris Flowers has walked away from Northern Rock without making a bid.

The continuing ( and irreplaceable) loss of depositors plus the conditions in the credit market is, many experienced financiers now see iy is now impossible (if it ever was) to make a commercially viable rescue plan work for Northern Rock.

Flowers had one of the strongest bids , the reputation and a commitment to repay £15bn to the Bank of England upfront, and the rest over three years.

Further delays will make any outcome even more problematic - the Virgin deal is simply hot air - dependent entirely on the major banks providing funds - which it appears will be on terms unacceptable to Branson.

The Gubment must get their nascent nationalisation legislation published without delay.