Cross-party support for inquiry into nationalisation of Bradford & Bingley

Philip Davies, the Conservative MP for Shipley, David Ward, Liberal Democrat MP for Bradford East, and Gerry Sutcliffe, Labour MP for Bradford South, gave their backing to Bradford & Bingley Action Group (BBAG)’s call for an inquiry conducted by the Treasury Select Committee.

The three MPs spoke at a public meeting organised by BBAG chairman David Blundell on Saturday to mark the sixth anniversary of the nationalisation of the bank.

In 2008, the Labour Government nationalised Bradford & Bingley and sold the savings book together with the retail branch network to Santander. The “bad” part of the bank was then nationalised and is being run down by UK Asset Resolution.

Mr Blundell, who is fighting for compensation for small shareholders, plans to arrange a meeting with the chairman of the select committee. He claims that the nationalisation and sale of assets to Santander destroyed B&B as an ongoing business despite it having a far stronger balance sheet than Northern Rock, RBS and HBOS.

Mr Ward said: “It’s about time the Government conducted a full and independent public inquiry into the nationalisation of Bradford and Bingley”

Mr Davies added the ‘ideal’ solution would be for UKAR to continue running as a mortgage operator after its job is finished.

He said the operator should be sold off and shares be distributed to former B&B shareholders.

For information about future Bradford & Bingley Action Group meetings, email [email protected] or call Mr Blundell on 0113 2813941.