Bradford & Bingley will 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.
It’s been confirmed this morning that Bradford & Bingley is to be nationalised and its savings business sold to the Spanish bank, Santander.
Bradford & Bingley has £50bn of debts, including £41bn of outstanding mortgages, which the taxpayer will take on whilst the profitable £20bn savings business is to be sold to Santander.
Someone’s got a bargain and it certainly isn’t the taxpayer.
Somebody definitely got a bargains and it definitiely isn’t the bloody taxpayer. Santander is buying the £20bn savings business and B&B’s 172 branches for £612m while B&B’s mortage book has been described as “toxic”.
Technorati Tags: Bradford & Bingley, Santander, Economy, Nationalisation