The credit crunch has taken its next victim, Bradford and Bingley (B&B). The government has today confirmed that the bank Bradford & Bingley has been nationalised. The government is to take control of the banks £50bn mortgages and loans. However, all of the branches and savings units will be bought by the Spanish owned Santander.
All savings account holders are protected under the move and taxpayers are supposedly being shielded from any losses. With B&B the latest bank to be effected so severely by the credit crunch it raises the question as to who could be the next bank to be effected by such turbulent times in the financial market. In a statement by the prime minister, Gordon Brown has said that the government will do anything it could to try and help the UK financial system. Lets help he can do something dramatic to turn things around. Let us know your views on the matter.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment