Future Of The Nationwide Building Society

EDM number 1264 in 1997-98, proposed by Andrew Love on 28/04/1998.

That this House regrets that the Nationwide Building Society has again been forced to ballot its members on its future as a mutual so soon after the last attempt to convert the society to a bank was rejected by its membership; recognises that building societies are widely trusted by consumers, and notes that they provide essential diversity on the high street, accounting for a growing share of the market; further notes that, as they do not have to pay dividends to external shareholders they can offer cheaper mortgages and better returns on savings; and urges the members of the Nationwide Building Society once again to vote to retain its mutual status.

This motion has been signed by a total of 112 MPs, 3 of these signatures have been withdrawn.