FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

Is Northern Rock heading back to the mutual sector?

The future of Northern Rock is shrouded in mystery today after the Labour Party issued a pledge in its manifesto which could see the company return to the mutual sector. It is believed that the Labour Party is in favour of allowing depositors to retain ownership of the company via a takeover by another mutual or indeed to encourage the likes of Richard Branson to adopt a mutual society model if he does acquire the business.

This is something of a change in policy from the UK government which has for many months now been touting Northern Rock for sale. The separation of the "bad bank" and the "good bank" has been controversial in itself and indeed it has left UK taxpayers with a potentially massive liability from low quality loans and mortgages. The truth is that unless UK taxpayers receive back a significant chunk of their money used to bail out the business there will be further dismay in the public arena.

Northern Rock has become something of a millstone around the neck of the UK government and despite a pledge to look towards a mutual society arrangement in the future this is unlikely to satisfy all taxpayers in the UK.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue