Adam Price’s Blog

The Blog of Adam Price AS/MP, Carmarthen East and Dinefwr

Adam Price MP / AS - Carmarthen East and Dinefwr

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31st October 2008

Back in business….and business, sadly, as usual

Just a short blog to say thank you for all those who sent messages of support after last weekend went a little awry for me and my family.  Diolch o galon, dwi wir yn ei werthfawrogi fe a maddeuwch os na fedra i ateb pob un yn bersonol. 

One of the things in my intray was this written parliamentary reply:

Adam Price: To ask the Chancellor of the Exchequer what consideration he has given to the remutualisation of (a) Northern Rock and (b) Bradford and Bingley. [230107]

Ian Pearson: There has been no consideration of remutualising Northern Rock or Bradford and Bingley.

I am quite astonished that the Government is not at the very least prepared to consider remutualisation as it mulls over its long term options as regards Northern Rock.  Especially since all of the demutualised building societies have now gone belly up or been swallowed up because of their incompetence.  The mutuals by contrast are paragons of prudence and stability.  Surely we should be encouraging the presence of more mutuals in the market rather than returning Northern Rock ( together with Bradford and Bingley’s mortgage book) to the very banking sector that screwed up in the first place.  Even worse would be to merge them with existing instituions (as we partially did with B&B’s savings business and Santander) compounding the already serious problems of concentration and all that will mean for consumer interests and future financial crises.

One Response so far to “Back in business….and business, sadly, as usual”

  1. normalmouth says:
    October 31st, 2008 at 10:03 pm

    Glad to see you back and at it. I was recently assaulted in a much less serious (but by the sounds of things, equal casual) manner. It can easily begets some quite destructive emotions. Certainly one of the more unpleasant facets of modern life.

    Pob Hwyl.

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