FUTURE OF THE NATIONWIDE BUILDING SOCIETY

Early day motion 1264, tabled 28 April 1998 by Andrew Love (Labour/Co-operative). Signed by 111 members.

That this House regrets that the Nationwide Building Society has again been forced to ballot its members on its future as a mutual so soon after the last attempt to convert the society to a bank was rejected by its membership; recognises that building societies are widely trusted by consumers, and notes that they provide essential diversity on the high street, accounting for a growing share of the market; further notes that, as they do not have to pay dividends to external shareholders they can offer cheaper mortgages and better returns on savings; and urges the members of the Nationwide Building Society once again to vote to retain its mutual status.

Signatures by party: Labour 73, Labour/Co-operative 15, Liberal Democrat 14, Conservative 5, Plaid Cymru 2, Scottish National Party 1, Unknown 1.