Bradford & Bingley to be nationalised?
! This post hasn't been updated in over a year. A lot can change in a year including my opinion and the amount of naughty words I use. There's a good chance that there's something in what's written below that someone will find objectionable. That's fine, if I tried to please everybody all of the time then I'd be a Lib Dem (remember them?) and I'm certainly not one of those. The point is, I'm not the kind of person to try and alter history in case I said something in the past that someone can use against me in the future but just remember that the person I was then isn't the person I am now nor the person I'll be in a year's time.
According to the BBC, Bradford & Bingley is to be nationalised.
There was speculation yesterday that it might have been sold to Banco Santander, the Spanish owner of Abbey National, but it looks like Santander and the other banks will instead be able to cherry pick which bits they want because B&B is going to be liquidated following nationalisation.
The taxpayer will take on the £50bn of liabilities and the branches and other assets will be sold piecemeal. The £41bn of mortgages that make up the bulk of the liabilities might be given the Northern Rock to manage.
Technorati Tags: Bradford & Bingley, Northern Rock, Nationalisation, Economy