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Conversion supporters are &#39turkeys voting for Xmas&#39

Bradford & Bingley borrowers will be like “turkeys voting for Christmas”

if they back conversion, according to rival building societies.

Commentators now believe the B&B windfalls of 250 shares will be worth

around a third less than the £800 originally estimated because

stockmarket conditions for financial companies are affecting the valuation.

Other building societies are claiming that borrowers will lose out within

a few years as lending rates will inevitably increase, follow-ing the

pattern set by other demutualised societies.

Yorkshire Building Society communications manager David Holmes says: “It

is not clear that borrowers will get more than two years&#39 benefit at a

better rate. Are votersprepared to take the money as a one-off? It would be

like turkeys voting for Christmas.”

The claim will boost mutual campaigners hit by news that Bob Goodall, the

man who has led the fightto keep Bradford & Bingley mutual, is bowing out

ofthe battle.

Goodall, who co-ordinates the Save our Building Societies campaign from

his St Albans council flat has decided to take a back seat in the face of

mounting debts resulting from the campaign.

Goodall says: “I have run out of energy, motivation, and patience.

Parliamentary legislation is the only way to resolve this issue.

“However it is clear that the Labour Government, which we elected amid

great hope and optimism, has not the slightest intention of protecting


“My final word for members of B&B is to suggest to you in all honesty that

the best decision for savers and borrowers is to vote for your society to

remain mutual.”


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