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You're reading: UK sells Northern Rock to Virgin despite protests
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The British government agreed in November to sell Northern Rock to Virgin Money — the banking arm of billionaire Richard Branson’s Virgin Group — for between 747 million pounds and 1 billion pounds.

The deal does not recoup all of the 1.4 billion pounds ($2.2 billion) spent by the authorities to keep the bank afloat during the credit crisis.

The main opposition Labour Party wanted the deal to be put on hold while the National Audit Office investigates the sale.

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