Shoppers go back to basics as crunch continue to bite

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Shoppers go back to basics as crunch continue to bite

Money website Fool.co.uk has called for further assurances from the government after it took over mortgage lender Bradford & Bingley.

David Kuo, head of personal finance at the website, said that while it was "encouraging" that timely action had been taken, it was not known if such swift moves would have been made if the institution had not been British or a bank.

He urged the government to make similar reassurances to customers at building societies and foreign-owned banks.

Mr Kuo said that no matter where people's money was being held, "in these difficult times, consumers need to be confident that their investments are safe".

The government announced yesterday that it was nationalising Bradford & Bingley as the effects of the American banking turmoil continued.

It is taking over the bank's £50 billion worth of mortgages and loans.

Chancellor Alistair Darling said on BBC radio that the move is being made to stabilise the UK economy.ADNFCR-323-ID-18806791-ADNFCR

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Related News : Bradford and Bingley

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