Bradford & Bingley update: Taxpayers could end up paying billions

Bradford and Bingley who are one of the biggest buy-to-let operators is close to being nationalised by the Government, B&B have been frantically looking for a private buyer but has not managed to find one.

On Monday Bradford and Bingley shares will be suspended when the stocks market opens, and the Government will either announce a buyer for the bank or will nationalise it.

Spanish bank Santander who also own Abbey seem to be the firm favourite of a quick sale, the problem with the sale of B&B compared to the sale of HBOS to Lloyds TSB two weeks ago the deal will need public support, this could mean the tax payer will be left to foot the bill on the defaulted mortgages from a £40 billion portfolio, therefore increasing the size of national debt.

Read the full article in the Telegraph