British Government to Nationalize Bradford & Bingley
September 28th, 2008Via: Bloomberg:
The U.K. Treasury will act to protect Bradford & Bingley Plc customers, Chief Whip Geoff Hoon said after the BBC reported the U.K.’s biggest lender to landlords will be nationalized.
Prime Minister Gordon Brown and Chancellor of the Exchequer Alistair Darling “have worked right through this weekend to sort out the problems we’re facing,” Hoon told Sky News. “I’m confident that in due course there will be a statement from the Treasury about Bradford & Bingley. I’m sure that as with Northern Rock, we will act to ensure that the interests of depositors are properly protected.”
Brown’s government nationalized Northern Rock Plc in February after a five-month search for a buyer failed. Bradford & Bingley shares have tumbled 93 percent this year.
