STATUS OF THE HALIFAX BUILDING SOCIETY

Motion Text

That this House notes that the Halifax building society has a long, stable history, and that for nearly 150 years it was a safe place for investments and a dependable mortgage broker, set up for the mutual benefit of its members; further notes that using the Building Societies Act 1986 the Halifax demutualised 12 years ago; further notes that it combined with the Bank of Scotland in 2001 and that it is now part of the troubled Lloyds Banking Group; and calls on the Halifax to be remutualised for the benefit of savers and mortgage holders.