Rock Bill clears first major hurdle

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Despite Tory opposition, the Banking (Special Provisions) Bill was given a second reading by 367 votes to 164, a majority of 203.

The Bill, which provides for the troubled bank to be put into temporary public ownership, will undergo immediate detailed line-by-line committee stage examination.

It is expected to complete its Commons stages just after midnight before moving to the Lords on Wednesday with the aim of it becoming law by the end of the week.

Chancellor Alistair Darling defended his decision to rush the legislation through Parliament insisting it was impossible to run a bank unless it was clear "who is in charge".

Faced with concerns about unfair competition from other banks, he disclosed that discussions would be held with bank and building society associations before submitting proposals for state aid approval by the European Commission.

"We won't be involved in the day to day management of NR. But we do need to approve its business plan. We want to make sure it is prudent, that it's sensible, and protects the interests of the taxpayer. But also we want to make sure it avoids distortions."

Mr Darling, who Tory leader David Cameron has said should be sacked over the banking debacle, indicated shareholders could expect little if anything for their investment.

Compensation for them, he said, will be decided by an independent valuer on the basis that financial support for Northern Rock had been withdrawn.

Mr Darling faced further embarrassment when Liberal Democrat treasury spokesman Vince Cable, who first advocated nationalisation, seized on a BBC report that Northern Rock's new executive chairman, Ron Sandler, is a non-domiciled taxpayer.