UK Accused of Cover-Up in Data Loss

Pundits examine the fallout of unavoidable nationalization

(NEWSER) - The subprime crisis has forced the British government to do what it dreaded: nationalize a bank. What's the fallout from the Northern Rock takeover?

• Gordon Brown "put quite a good face" on an unpalatable decision, says Philip Stephens of the Financial Times. Nationalization hasn't hurt him much, but the dithering has. Result: An election is probably years away.

Deal pays back government loans, but public still on the hook

(NEWSER) - The British government today unveiled its last-gasp plan to hand off the Northern Rock hot potato and prevent nationalization, the London Times reports. Under the plan, the bank would immediately pay back the £25 billion it owes the government by selling the debt to private investors as bonds. But since the government is backing the bonds, taxpayers are still on the hook if the Rock defaults. More»

Brown apologizes as criticism of government grows louder

(NEWSER) - The fallout from the lost data fiasco in Britain continues, as the Times of London reveals that two more unencrypted discs containing sensitive personal information have been reported missing from the nation's tax agency. Gordon Brown faced down a furious opposition in Prime Minister's Questions yesterday. The PM has employed a "masochism strategy": take the hit now to keep Alistair Darling, his chancellor, in his job. More»

25M missing records spell trouble for already shaky Labour

(NEWSER) - A day after Alistair Darling was forced to admit that the tax department had lost the personal data of 25 million citizens, the British chancellor was fighting to keep his job in the face of a hostile and incredulous press. "Beyond farce, past comprehension, criminally irresponsible and beneath contempt" was the assessment of one Times columnist. Darling insisted on morning talk shows he would continue in his job, but the press is less certain. More»

In reshuffle, British PM invites Apprentice host to join government

(NEWSER) - Gordon Brown looked set to hang on to power this morning, despite the shock resignation of yet another minister who called on him to step down. James Purnell, a young Blairite, quit the Cabinet seconds after polls closed in last night's election, forcing Brown to bring forward a planned government reshuffle. Among the new faces: Alan Sugar, the host of Britain's version of The Apprentice, who will be made a lord and serve as an enterprise czar. More»