Chi Onwurah MP for Newcastle Central said:
“ This is an incredibly sad day for Newcastle and the North East. The Northern Rock Foundation has
made such a difference to so many lives as well as supporting the culture and values of the area.
I have often personally seen the positive consequences of Northern Rock donations.
“ I am very disappointed that Virgin Money could not find a way of working with such an important
local institution given the personal commitment to the city and the region that Richard Branson
and the company emphasised as part of their bid for the bank and in subsequent exchanges.
“ I am now concerned that Virgin Money’s investment in the city and region is focused entirely on
entrepreneurship which, while very important, is a much narrower remit than Northern Rock’s
and will engage fewer people and not necessarily those in greatest need. I will be writing to them
to set out my concerns.