BRITANNIA BUILDING SOCIETY AND RE-MUTUALISATION

Motion Text

That this House welcomes the Britannia Building Society's acquisition of the Bristol and West's savings business and branch network from the Bank of Ireland for £150 million; notes that this is the first major re-mutualisation in the United Kingdom, reversing the demutualisation trend in the late 1990s; further notes that Britannia will move into 65 towns and neighbourhoods where it is not currently present and Bristol and West's customers will become members and co-owners of Britannia; congratulates Britannia on its ongoing commitment to a branch network which provides increased access to consumers; and urges the Government to recognise that this is a further illustration of the important role that mutuals play in ensuring competition and value for money for the consumer.