Wednesday, 15 October 2008

Is the Government's bank the most ruthless repossessor?

It was announced today that Northern Rock - the bank fully nationalised by the Government - has massively increased the number of homes it has repossessed in the last quarter.

John McDonnell MP, LEAP Chair, said:

"We fully nationalised Northern Rock, yet the Government's bank is becoming the most ruthless repossessor under the cosh of Government pressure to repay the loans. The Government is in danger of being seen as protecting banks while ignoring people.

"The Government needs to come up fast with a "recession-proof" strategy of halting repossessions and converting mortgages into homes for social rent.

unemployment rising, the Government should be injecting resources to save people's jobs and that means large scale public investment in major housing, rail and renewable energy infrastructure schemes."

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