Bradford & Bingley nationalisation has impact for Shepway mortgagees and savers

6.30.00pm BST (GMT +0100) Sun 28th Sep 2008

Commenting on the nationalisation on Bradford and Bingley, which has branches across East Kent including Ashford, Canterbury and Dover, Liberal Democrat Parliamentary Spokesman for Folkestone & Hythe, Neil Matthews, said:

"The better alternative would have been if Bradford and Bingley could have been saved by a private sector purchase, without the taxpayer having to bear the burden. However, in the absence of a buyer, the Government has now taken on board Vince Cable's advice and has this time acted decisively.

"The Government has an even bigger stake in the mortgage market and must now comprehensively address the different elements of this disastrously collapsing sector."

"The lack of affordable housing is not helping the situation, and the Conservatives have much to answer for, when, in power, they allowed large amounts of Council housing stock to be sold off, without considering all the long term effects of their decision.

"Alistair Darling must act quickly to stop unnecessary large scale repossessions."