Building Societies and Mutual Societies

Treasury written question – answered on 28th April 2021.

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Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, whether an assessment was made on the effect of the demutualisation of building societies and financial mutuals on the events leading up to the financial crash in 2007-08; and if he will make a statement.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government recognises the vital importance of having a strong and stable financial system. The Government also recognises the value that building societies and other mutually-owned organisations bring to the financial services sector.

The Government has not made a specific assessment on the effect of the demutualisation of building societies and financial mutuals on the events leading up to the financial crash in 2007-08.

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