Northern Rock/EU: Rock on

Brussels should give the green light to the UK’s plans to rescue Northern Rock. The European Commission is right to put the failed bank’s nationalisation under the microscope. The UK’s £27bn of Rock support is a big deal. But, after an extraordinarily bad start, the British government finally seems to be getting its strategy for the lender right. Its plans for the Rock appear to concord with the spirit of EU law and good sense. Hacking the bank’s £107bn balance sheet by 40% in two years will li...