Rescue 'could cost Virgin £200m'

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The Government is understood to be pushing for a better deal for the taxpayer under Virgin's offer as the group hammers out the final details ahead of Saturday's reported deadline for revised proposals.

It is thought that the Government is hoping to secure between £100 million and £200 million for the taxpayer if Northern Rock is revived within three years, according to the Financial Times.

Virgin's bid is still thought to be in pole position for the troubled bank after the Government reportedly told Northern Rock's management that their "self-help" proposal did not come up to scratch.