Alistair Darling
Media playback is unsupported on your device
Video

Darling on Northern Rock privatisation

Northern Rock is to be sold to a single buyer to raise about £1bn, Chancellor George Osborne is to announce.

He has rejected the other options of floating the bank on the stock exchange or remutualising it.

The former Labour Chancellor, Alistair Darling, said the sale showed the previous government had been right to step in.

Go to next video: Banking will become 'more expensive'