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Stricken mortgage lender Northern Rock has picked a rescue team led by Sir Richard Branson's Virgin Group as favourite to take it over.

Northern Rock is now in "accelerated" talks with the Virgin-led consortium after naming it as the preferred bidder.

Sir Richard's team is planning to brand Northern Rock under the Virgin banner and pay back £11 billion of the estimated £25 billion borrowed from the Bank of England immediately. It promised a "clear path" towards repayment of the remainder of the loan.

Virgin also hopes to retain most of Northern Rock's 6,000 staff if its bid is successful.

Prime Minister Gordon Brown said the Government is focused on financial stability and protecting the taxpayer throughout the Northern Rock crisis.