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MPs call for Rock to be remutualised

Over 100 MPs have signed an early day motion calling for Nor-thern Rock to be remutualised.

The motion, tabled by Labour MP for Streatham Chuka Umunna, argues that a thriving mutual sector adds to the diversity and strength of the UK’s financial system.

It calls on the Government to force UK Financial Investments, the body that looks after state investments in the financial sector, to look at the feasibility of remutualisation.

It says: “We call on the Government to give equal and due consideration to a mutual opt-ion for the future for Northern Rock by requiring UK Financial Investments to undertake a feasibility study and seek advice into remutualising Northern Rock.”

The Government has pledged to introduce legislation to foster diversity and promote mutuals.

The EDM is supported mostly by Labour MPs but it has also been backed by senior Liberal Democrat MP Menzies Campbell, Green Party leader Caroline Lucas and several Conservative MPs.

Liberal Democrat Treasury spokesman in the Lords Lord Newby has previously backed the idea of remutualisation as a way of sending “a strong signal about the kind of financial services sector we want”.

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