Northern Rock to be axed from Footsie

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The news comes after ministers rejected growing calls for the stricken bank to be taken into public ownership.

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Norther Rock: To be relegated from the FTSE 100

Vince Cable: Calling for temporary nationalisation

Acting LibDem leader Vince Cable said it was "leaching" taxpayers' money, with £3billion having to be pumped in two weeks ago and £1.5billion last week.

There is a mounting sense of urgency at Westminster as credible bidders for Northern Rock have stumbled, dithered or crashed out of the process.

The Newcastle-based bank has been crippled by the credit crisis and is borrowing money from the Bank of England, which has lent it about £25billion.

Mr Cable wrote to Gordon Brown yesterday demanding a Bill before Christmas to permit temporary nationalisation of Northern Rock, which he said was now the "least worst" option and could save the public purse billions.

But Cabinet minister Ed Balls, the Prime Minister's closest ally, said: "To go down the road of nationalisation, I think, would be more damaging in the long run to taxpayers and shareholders."

Tory leader David Cameron said it would be a "monumental failure" if the Government was forced to nationalise.

But he warned: "I suspect the Government is running out of time and money and it may well be they need to go down the path of nationalisation."

Six other companies are expected to be dropped from the FTSE 100 in its biggest shake-up since 2001.