DEFENCE OF BIRMINGHAM MIDSHIRES BUILDING SOCIETY AND MUTUALITY

Early day motion 1614, tabled 27 July 1998 by Lord Bilston (Labour/Co-operative). Signed by 43 members.

That this House views with alarm and concern the weekend media speculation that Halifax plc. intends this week to launch a complete buy out of Birmingham Midshires Building Society, the fifth largest building society in Britain, which will undoubtedly mean that future competition in this vitally important financial services sector will be further eroded, thousands of jobs lost and the best interests of Birmingham Midshires long-term members will be sacrificed for the short-term gains of those intent on destroying the benefits of mutuality; and therefore calls for any such selfish and destructive bid to be referred to the Office of Fair Trading.

Signatures by party: Labour 28, Labour/Co-operative 9, Liberal Democrat 4, Conservative 1, Scottish National Party 1.