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Nationwide demutualisation campaign setback

The campaign to demutualise Nationwide suffered a setback as Stephen Major, the plumber from Northern Ireland, withdrew his support.

Major, who led the campaign that brought about Bradford & Bingley&#39s conversion last month, said he did not think the campaign would succeed and now believes that any windfall will not compensate for the loss of higher rates of interest paid to savers and lower rates for mortgages.

Andrew Muir, the recruitment consultant from Slough who led the close-run attempt to convert Nationwide in 1998, will continue the fight.

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