Politicians from the three main political parties have backed a call for a full and independent inquiry into the nationalisation of Bradford & Bingley in 2008.
During a public meeting in Bradford, held to mark the sixth anniversary of the Bradford & Bingley nationalisation, Philip Davies, Conservative MP for Shipley; Gerry Sutcliffe, Labour MP for Bradford South; and David Ward, Liberal Democrat MP for Bradford East, voiced concern that shareholders have been left with financial losses.
Speaking at the event, which was hosted by the Bradford & Bingley Action Group, Mr Ward said that the government should conduct such an inquiry, a view shared by Mr Davies and Mr Sutcliffe.
David Blundell, chairman of BBAG, which has been fighting for compensation for approximately 1m shareholders, said that the sale of B&B’s savings book and retail network to Santander had been undertaken at a “fire sale price”.
He added: “The mortgage book is being wound down by United Kingdom Asset Resolution Ltd, whose accounts suggest a substantial surplus when the process is completed.”
Mr Davies said that either the mortgage book surplus should be returned to the shareholders – not the Treasury – or UKAR continues as a mortgage provider, is sold, and its shares distributed to the former shareholders.
The headquarters of Bradford & Bingley has been scheduled for demolition in October.
Adviser view
Robert Simpson, managing director of Leeds-based Bartlett Wealth Management, said: “The nationalisation happened far too quickly and far too early. The deal was done in the space of a weekend. In this part of the world the Bradford & Bingley was a viable and larger employer. A lot of staff were shareholders, and inevitably they lost their shareholdings. So I certainly support an inquiry.”
