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MPs pledge mutuality support

Mutual building societies are being given a shot in the arm by senior right-wing Tory MP&#39s looking to protect them.


MP&#39s including Teddy Taylor and Ann Winteron are backing a private members bill designed to safeguard mutual building societies.


The bill, sponsored by Hemel Hempstead Labour MP Tony McWalter, proposes to raise the percentage of borrowers required to support conversion from 50 to 70.


McWalter is arguing fending off the advances of carpetbaggers is draining the resources of building societies and depletes their capacity to provide the best deal for its members.

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