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Northern Rock Remutualisation or Privatisation?

Politics / UK Politics Nov 04, 2010 - 03:03 AM GMT

By: Submissions

Politics

Today Compass calls on the Government to launch an investigation into the feasibility of remutualising Northern Rock and Bradford & Bingley. A Compass commissioned YouGov poll yesterday showed nearly twice as many people favoured remutualisation of Northern Rock as opposed to a private sale. This follows on from Ed Miliband's recent support for remutualisation of the bank.


Private sector representatives, trade unions, campaigners and third sector representatives will all meet this Friday in Newcastle to discuss the importance of Northern Rock from the perspective of working people across the North East and plan a campaign to remutualise the bank.

Research from Compass shows that a private sale of the now nationalised banks would not allow the country to recoup on its losses at current market rates. However, if the government chose to remutualise them it would provide essential diversity to the banking sector which would reduce risk, and provide greater choice for the consumer and the government could in turn ensure a return on its bail out money through a preferential golden share option.

Neal Lawson, Chair of Compass says:

"British Banking is in a mess. It provides poor customer services and poor support for small businesses. It is clear that a private sale of Northern Rock now would just lead to more of the same bad practices without recouping the losses for the taxpayer.

Re-mutualisation of Northern Rock would help provide greater choice and diversity for the consumer. It would also provide greater stability for the community. This poll shows that local people want to see Northern Rock become once more a rock of stability, ownership and pride for the people of the North East"

Compass is the UK's most influential political pressure group with over 40,000 members and supporters across the UK. Together we campaign for a more democratic, equal and sustainable society. http://www.compassonline.org.uk/

For further information contact Neal Lawson on 07976292522

© 2010 Copyright  Compass - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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