Bradford & Bingley: cost to tax payer

According to George Osborne the Conservative Shadow Chancellor Bradford & Bingley should have been helped more by the government and could have opted for a solution that would not been such a huge exposure to the British Taxpayer.

In the Shadow Chancellors speech at the Conservative party conference he said: “We are bailing out the very large institutions that took a bet and lent money to Bradford & Bingley when times were good and made money out of it. He continued to say: “Now that times have turned bad and the debt has turned bad we are going to step in as taxpayers and bail them out and I don’t think that’s the right thing to do.”

Osborne was proposing for the Bank of England to facilitate Bradford & Bingley allowing it to run as a separate entity and run it down instead of nationalising the bank.

Read the full article in the citywired