HMG Acquires Bradford & Bingley
The Bradford & Bingley is to be nationalised, after becoming the latest casualty of the ailing mortgage market and property crunch.
News is breaking this evening that the West Yorkshire based bank, which lost 90% of its value over the past year, could be taken into public ownership as early as tomorrow.
It's believe that B&B could be merged with Northern Rock, which was nationalised earlier this year after becoming insolvent. The combined Government administered superbank would then be sold off to one of the large multinational banking groups like HSBC.
The nationalisation should safeguard mortgages and investments with the bank.
The news will frustrate the Government after their short-lived Labour Party conference bounce back. At the start of the year it was almost unthinkable that two well known UK banks would go bust.
Public confidence in the UK economy remains low with the cost of living standing at 5% even by the most conservative of estimates. Unemployment and home repossessions are also on the increase.
To quote a famous song - things can only get better.
News is breaking this evening that the West Yorkshire based bank, which lost 90% of its value over the past year, could be taken into public ownership as early as tomorrow.
It's believe that B&B could be merged with Northern Rock, which was nationalised earlier this year after becoming insolvent. The combined Government administered superbank would then be sold off to one of the large multinational banking groups like HSBC.
The nationalisation should safeguard mortgages and investments with the bank.
The news will frustrate the Government after their short-lived Labour Party conference bounce back. At the start of the year it was almost unthinkable that two well known UK banks would go bust.
Public confidence in the UK economy remains low with the cost of living standing at 5% even by the most conservative of estimates. Unemployment and home repossessions are also on the increase.
To quote a famous song - things can only get better.
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