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Union calls on Government to re-mutualise Northern Rock

24 November 2009

Unite, the UK’s largest union for finance works and the union that represents workers at Northern Rock, has called on the Government to re-mutualise Northern Rock and return the former building society back to the North East local community where it belongs.

At the union’s finance sector conference in Brighton, attended by hundreds of the union’s most senior activists, a resolution has been passed on the re-mutualisation of Northern Rock. The union will now launch a campaign in order to protect the future of the bank and its workers.

Unite's national officer for financial services, Rob MacGregor, said: “Unite is calling for Northern Rock to be re-mutualised in order for the bank, which was once a symbol of hope and pride in the North East, to be returned to the local community through mutualisation.

“In the past two years the Northern Rock name has been associated with the worst of corporate greed and risk taking of the economic crisis. The company’s workforce faced thousands of job losses and continuing uncertainty as the vultures of the private sector continue to circle around Northern Rock.

"It is now time for Northern Rock to return to mutuality so that its customers and employees can return this previously prosperous business to profit. Today, Unite workplace representatives have called for Northern Rock to be re-mutualised and returned to the local community from where it came. The debate needs to move from simply who is the highest bidder to how the Government can bring long-term stability and success to the North East and UK economy.

"Private companies and other PLC's should not be the ones to benefit from taxpayer bailouts of Northern Rock or any other company. Any new deal on the future of Northern Rock should include full repayment of the total costs of its bailout."

ENDS

For more information contact: Saba Mozakka, Unite the union on: 07768 693 953.

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