The “Feeling’s Mutual” campaign received a massive boost with the news that the Labour Party’s General Election Manifesto includes a commitment to the re-mutualisation of Northern Rock.

The Manifesto, which was launched in Birmingham in the second week of the General Election campaign, says that if re-elected, Labour would look at how the failed bank could be returned to the mutual sector and ensure a good return to taxpayers.  This is exactly what the Feeling’s Mutual campaign has been calling for.  We need to make sure that the future of Northern Rock is mutual and the British people get a fair return on an institution that had to be bought in public ownership following the disastrous de-mutualisation of the former building societies under the previous Tory Government.

During our campaign we have set out how a new mutual organisation could be created from Northern Rock and how a long term plan for the re-payment of the debt caused when the bank had to be nationalised could be put into effect.  This plan is the only one that will meet the three key criteria for the future of Northern Rock set out in the Government’s White Paper on the future of financial services – value to the taxpayer, increased competition in the market and increased lending.

The Labour Manifesto can be downloaded here http://www2.labour.org.uk/uploads/TheLabourPartyManifesto-2010.pdf