Press Release

Unite reaction to decision not to prosecute Northern Rock Directors

14 October 2008

Graham Goddard, Unite Deputy General Secretary said: "The corporate greed and egos of a small number of individuals contributed to the near collapse of Northern Rock and the loss of thousands of jobs in the North East. It is inconceivable that there will be no legal action against the former directors whose actions lead to the turmoil within the bank. The failure of the auditors to question the business practices of these individuals is without doubt disgraceful.

“Staff in Northern Rock have paid the ultimate price in the loss of their jobs for the failures of those at the top. Yet those individuals who became consumed with achieving short term financial rewards are able to escape punishment for bringing Northern Rock to the ground.

“Unite the union wants to see tighter regulation of the market and strengthening of the framework which regulates the finance industry together with increased powers to hold to account, including criminal proceedings, those who contribute to failings on a massive scale.”