FT.com: Building societies angry at B&B liabilities


But just one moment:

…the government hammered out a deal with the Spanish bank Santander, which will buy the embattled UK mortgage lender’s £20bn deposit book and 197-branch network for £612m.

Santander, which already owns Abbey and is taking over Alliance & Leicester, will have 1,286 branches in the UK.

So, three significant British financial institutions owned by Santander, and four others now one under Lloyds: this is awful news for truly free markets, for freedom and for jobs.

And the government “hammered out” this deal.

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