Northern Rock to be nationalised

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In a statement, Chancellor Alistair Darling said "under the current market conditions" neither of the two private proposals for the bank delivered "sufficient value for money to the taxpayer".

It marks the failure of the Government to reach a deal with the private sector over the future of the bank. Emergency legislation will now be rushed through Parliament.

Mr Darling said the move met "our objective of protecting taxpayers' interests".

He said he had been told by the Financial Services Authority that the bank was solvent and that its mortgage book remained of good quality.

Ron Sandler, the former chief executive at Lloyd's of London, will now run the business.

Mr Darling added that "every option" for a private sector solution had been explored.

But despite late revision to bids by Virgin Group and the Rock's own management team, private sector solutions did not meet the Government's tests, Mr Darling said.

The timing of the announcement came as a surprise, with most experts expecting the decision to be made via a Stock Market or Commons announcement.

A full statement will be made to the House of Commons.