But the Financial Times reported that financial stocks are trading above the book value (assets, including cash, minusliabilities) of the companies for the first time since July.
Whether your country, state or municipality is blue or red, your income less your expenses is still your profit, and your assets minus your liabilities is still your net worth.
Mr Osborne will also say the sale's valuation of Northern Rock's "price-to-book value ratio" - that is, its assets minus its liabilities - is higher than peers Barclays, Lloyds TSB or the Royal Bank of Scotland.