Bradford and Bingley mortgage assets to be sold

October 26, 2016

The government announced yesterday that they have started the process selling £15.7bn worth of Bradford and Bingley mortgage assets.

The sale of further mortgage assets that government holds from Bradford and Bingley has been launched by UK Asset Resolution Limited (UKAR), the Chancellor  confirmed yesterday (25 October 2016).

The Chancellor of the Exchequer, Philip Hammond said:

“As part of our plan to recover all of the cash British taxpayers injected into the banking sector during the financial crisis, we have begun the process of selling our Bradford and Bingley assets.

“This is one of my top priorities as chancellor and that is why I approved UKAR to begin this process. I am determined to do everything I can to ensure that taxpayers get their money back.”

All proceeds will be used to reduce the national debt.

Announcement in full can be seen on GOV.UK website click here

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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