taxing banks

The BBC published a story about the breakup of Northern Rock about 12 hours ago, around the same time as most of the other news networks were publishing a different story. The BBC focuses on

Northern Rock customers will be told in January if their mortgage is held in the "good bank" or "bad bank" section of the institution. The latest legal hurdle has been cleared that will allow the nationalised bank to split into two parts on 1 January 2010. The government loan to the Rock will increase by £8bn to support the move.

while the rest of the media carries the story that

The government should not pay any compensation to Northern Rock investors as shares in the troubled bank were worthless when it was nationalised, a state-appointed valuer said on Tuesday. "This means that there is no value in the shares or rights as at the valuation date, and therefore that no compensation is payable to affected parties," Caldwell wrote in a letter to Northern Rock investors.

One has to assume that the 'legal hurdle' that the BBC mention is having the value of the shares declared as zero. With that resolved what else has the Chancellor got planned for later on today?