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Proceeding contribution from John McDonnell (Labour) in the House of Commons on Tuesday, 19 February 2008. It occurred during Debate on bill and Committee of the Whole House (HC) on Banking (Special Provisions) Bill.

Banking (Special Provisions) Bill

I may not have explained the point that I was trying to make well enough. My view is that the motivation was a tax avoidance dodge, but the problem is that the liability, which is on a significant scale, now rests with the public purse. As a result, the people who will gain are the participants in Granite. The ones who will lose, and who are in jeopardy, are those who retain an interest in Northern Rock—that is, the taxpayer, and the workers who may lose their jobs.

Secondary information

Type
Proceeding contribution
Reference
472 c283 
Session
2007-08
Chamber / Committee
House of Commons chamber
Subjects
Compensation Accountability Audit Banks Competition Building societies Bank of England Liability EU law Government assistance Financial Services Authority Economic situation Property transfer Mortgages Loans Staff Office of Fair Trading Nationalisation Regulation Stocks and shares Shareholders Takeovers Treasury Virgin Group Business plans Northern Rock Granite Sunset clauses
Legislation
Banking (Special Provisions) Bill 2007-08
Link
View this Proceeding contribution on www.publications.parliament.uk