Friday, 14 September, 2007
- 14 Sep 07, 05:24 PM
CREDIT CRUNCH
Northern Rock
The UK's fifth largest mortgage lender, Northern Rock, has urged customers not to panic as a result of the announcement that it's to receive emergency funding from the Bank of England. The price of Northern Rock's shares have plunged - queues of people have formed outside many of the bank's branches; some have withdrawn their savings.
Our Business Correspondent, Paul Mason will examine how and why this has happened. He'll see what the implications are for Northern Rock. And he'll ask could other banks and building societies follow?
We'll be getting reaction to events today from the Chief Executive of Northern Rock.
Bad money
Our Economics Editor, Stephanie Flanders is just back from the US where she's been investigating the roots of this credit crunch problem.
We hope to be debating the fate of Northern Rock and what can be done to resolve the credit crunch with a City regulator and senior politician live.
SIR MENZIES CAMPBELL ON MONDAY
The Newsnight interview with Sir Menzies Campbell in which he's quizzed on his leadership and policies will now be aired on Monday.
Newsnight Review
Joining Kirsty for Newsnight Review tonight are Germaine Greer, Ekow Eshun and Ian Hislop.
They'll discuss 3:10 to Yuma, the remake of the classic Western based on Elmore Leonard's short story, starring Russell Crowe and Christian Bale and directed by James Mangold, who gave us Walk The Line.
And Elmore Leonard's latest novel, Up in Honey's Room, is also on the agenda, along with the Chinese terracotta army exhibition at the British Museum library and TV drama Stuart: A Life Backwards.
Customers of Northern Rock are being urged to stay calm after the news that it has agreed emergency funding from the Bank of England. Northern Rock has had difficulties raising money to finance its lending, because of the squeeze in the money markets. Despite reassurances from the government and Northern Rock bosses, some people are still queuing outside branches to withdraw their savings. 