Co-operatives and Mutuality

Part of Backbench Business – in Westminster Hall at 2:30 pm on 30 June 2011.

Alert me about debates like this

Photo of Jesse Norman Jesse Norman Conservative, Hereford and South Herefordshire 2:30, 30 June 2011

I have considered closely the possibility of re-mutualising Northern Rock. I could not get over the question of how to handle an enormous vendor note —the vendor financing from the Government to the employees—to be paid out over 10 or 20 years. That has proven an insuperable practical burden, as far as I can see. I welcome other thoughts on the matter. However, I am sure that we all share the hon. Gentleman’s aspiration that the mutual ethos should return to the financial sector.