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Miliband: Govt should have remutualised Northern Rock

Ed Miliband Labour 480

Labour leader Ed Miliband says the Government should have remutualised Northern Rock before it was sold to Virgin Money last year.

In a question and answer session with party members at the Labour conference in Manchester last week, Miliband said it would have been a “good way forward” for the ex-lender.

Virgin Money took control of Northern Rock on 1 January this year, despite more than 100 MPs signing an early day motion calling for it to be remutualised.

Miliband said: “I wish the Government had looked more seriously at Northern Rock becoming a mutual because I think that would have been a good way forward for Northern Rock. Co-operatives are at the heart of the type of country we want to build.”

MIliband also pledged his support for a financial transaction tax, dubbed the Robin Hood tax, but only if it is implemented internationally.

He said: “The way this Robin Hood tax is going to work is if you have it in each major financial centre. We already have a tax on share transactions in this country and if we are going to make an international financial transactions tax work then it has to be in every major financial centre.

“Our plan is to implement it in Europe and the major financial centres like New York. We hope it can happen and that is how we hope to do it.”

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