Liberal Democrat Treasury spokesman Vince Cable has accused the two hedge funds seeking limits on the powers of Northern Rock’s board at tomorrow’s extraordinary meeting of chasing “a quick buck” and jeopardising billions of pounds of taxpayers’ money.

Cable, speaking at a briefing in London today, said SRM Global Master Fund and RAB Special Situations Master Fund are trying to pass a motion at Northern Rock's EGM “which effectively blocks temporary nationalisation” of the stricken UK lender.