First The Rock, Now Bradford And Bingley Nationalised … And Taxpayers Pick Up The Bill For The Superbank Of Bad Debt
'Taxpayers face a multi-billion pound bill with the forced nationalisation of Bradford & Bingley this morning. The country's biggest buy-to-let lender will follow Northern Rock into public ownership after becoming the latest casualty of the worst economic downturn since the Great Depression. The best bits of the bank – £22billion in savings accounts and 200 branches – will be sold to a rival institution, with Spanish bank Santander last night announcing it had struck such a deal. The move would saddle the state with B&B's increasingly toxic £41billion mortgage book. Its home loans might even be merged with those held by Northern Rock.'