Report published on Northern Rock remutualisation

Landman Economics has recently published The Economic Case for the Remutualisation of Northern Rock.

The report argues that re-mutualisation would secure better proceeds for the taxpayer, decrease the likelihood of another systematic crisis in the UK economy and increase lending to businesses. It also explores the benefits of remutualisation in terms of the mutual sector’s strong track record for customer service and deep roots in local communities.

Chuka’s Early Day Motion on Remutualisation of Northern Rock now has almost 80 signatures from MPs.

Commenting, Chuka said:“This report sets out clearly and robustly why a mutual option will provide the best return for the tax payer – it makes sense in terms of value for money, good customer service, help for small businesses and improving financial stability in the financial services sector overall.”

“Remutualising Northern Rock has been a longstanding commitment of the Labour Party – it is welcome that a cross party collection of over 70 MPs is now backing the cause.”