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| B&B nationalisation 'last resort' | B&B nationalisation 'last resort' |
| (20 minutes later) | |
| Bradford & Bingley should only be nationalised as a last resort, the Lib Dem Treasury spokesman has said. | Bradford & Bingley should only be nationalised as a last resort, the Lib Dem Treasury spokesman has said. |
| Vince Cable said if it was in "serious difficulty" the "best option" would be a takeover by another bank "without any involvement by the taxpayer". | Vince Cable said if it was in "serious difficulty" the "best option" would be a takeover by another bank "without any involvement by the taxpayer". |
| But if B&B had to be nationalised the government should step in and "just get on with it", Mr Cable said. | But if B&B had to be nationalised the government should step in and "just get on with it", Mr Cable said. |
| Gordon Brown refused to comment on speculation about B&B after its share price plummeted to a record low. | Gordon Brown refused to comment on speculation about B&B after its share price plummeted to a record low. |
| On Thursday the lender announced plans to cut 370 jobs. | On Thursday the lender announced plans to cut 370 jobs. |
| All three of the main credit ratings agencies have downgraded B&B's creditworthiness, citing its problems raising funds and the excessive exposure of its mortgage book to buy-to-let and self-certified borrowers. | All three of the main credit ratings agencies have downgraded B&B's creditworthiness, citing its problems raising funds and the excessive exposure of its mortgage book to buy-to-let and self-certified borrowers. |
| But Richard Pym, the recently-appointed chief executive, insisted the bank was "strongly capitalised" and was "fit for purpose going forward". | But Richard Pym, the recently-appointed chief executive, insisted the bank was "strongly capitalised" and was "fit for purpose going forward". |
| Northern Rock merger? | Northern Rock merger? |
| The BBC's business editor Robert Peston said the Treasury, the Financial Services Authority and Bradford and Bingley were working to find a solution over the weekend, to announce before markets opened on Monday morning. | |
| Full nationalisation, which could well include merging B&B with Northern Rock, was very much a last option - not impossible, but the final resort if all else fails, he said. | Full nationalisation, which could well include merging B&B with Northern Rock, was very much a last option - not impossible, but the final resort if all else fails, he said. |
| I'm not going to comment on any individual company or building society Prime Minister Gordon Brown Robert Peston: How will B&B be rescued? | I'm not going to comment on any individual company or building society Prime Minister Gordon Brown Robert Peston: How will B&B be rescued? |
| Mr Cable said it was imperative that whatever the solution, it must be decisive and there should not be a repeat of the delays following the crisis at Northern Rock. | Mr Cable said it was imperative that whatever the solution, it must be decisive and there should not be a repeat of the delays following the crisis at Northern Rock. |
| "If the bank is in serious difficulty, the best option is if it were taken over by another bank and without any involvement by the taxpayer," he said. | "If the bank is in serious difficulty, the best option is if it were taken over by another bank and without any involvement by the taxpayer," he said. |
| "But the speculation in the national newspapers is that that won't happen and in which case it will effectively be nationalised, and that's what a takeover of Northern Rock actually means. | "But the speculation in the national newspapers is that that won't happen and in which case it will effectively be nationalised, and that's what a takeover of Northern Rock actually means. |
| "I just hope this time the government doesn't faff around for four or five months getting this sorted out and just gets on with it." | "I just hope this time the government doesn't faff around for four or five months getting this sorted out and just gets on with it." |
| Mr Cable said depositors should not panic because their money would be guaranteed by the government under the Financial Services Compensation Scheme. | Mr Cable said depositors should not panic because their money would be guaranteed by the government under the Financial Services Compensation Scheme. |
| The prime minister was asked about B&B during his visit to New York for a UN development meeting. | The prime minister was asked about B&B during his visit to New York for a UN development meeting. |
| He said: "I wouldn't comment, and nobody would expect me to comment, on these speculative statements that are made in newspapers. | He said: "I wouldn't comment, and nobody would expect me to comment, on these speculative statements that are made in newspapers. |
| "I'm not going to comment on any individual company or building society." | "I'm not going to comment on any individual company or building society." |
| In a speech to the UN, Mr Brown called for an end to "the age of irresponsibility" in the global financial sector. | In a speech to the UN, Mr Brown called for an end to "the age of irresponsibility" in the global financial sector. |