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This
campaign champions the case for a mutual sector of financial institutions
offering mortgage lending and investment saving options within
the UK financial marketplace. Building societies date back to
a terminating society based in Birmingham in 1775. Small groups
of people joined together to provide mutual financial support
allowing members to become housed. That tradition is now in jeopardy.
At the beginning of the twentieth century there were 2286 societies,
now there are only 67 building societies remaining within the
UK with the demise of Bradford & Bingley BS. Their combined
assets exceed £160 billion. 40,000 staff are employed in
over 2,400 branches and over 17 million savers & 3 million
borrowers are served. Mutuality is a tried and tested idea which
is now finding favour once again. Building societies focus on
looking after their members and customers without the pressure
to return some of the profits to external shareholders.
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LATEST NEWS Response to Bradford & Bingley job losses and branch closures. Bob Goodall says "We are angry but not surprised by these job cuts and branch closures. Demutualisation results in job losses, branch closures and worse interest rates for customers in order to maximise the profits of the shareholders. Trained mice against the predators The failure of the Union of Bradford & Bingley to fight demutualisation follows in the miserable tradition of staff associations of converting societies; they seem unable to fight for the interests of their members. They remind me of the trained mice on the weakest link show, with no backbone at all. The staff Associations of Birmingham Midshires & Bradford
& Bingley both refused to support SOBS efforts to protect
jobs. Now the staff Association of Friends Provident is asking
pro-mutual Demutualisation of FP will result in job losses; that is the nature of the beast" "No regrets from Rodrigues and puzzling comments by Union
leader in response Bob Goodall says "I read with interest comments by B & B Union leader Dave Mathews in the Sun trying to explain away the job cuts by B & B following demutualisation. His argument that employment at B & B has doubled in recent years is perhaps worth looking into. Surely if this true it is accounted for by B & B taking over other organisations rather than by organic growth? Viewers of the website: please let us know what you think by emailing us on info@sobs.org.uk SOBS therefore repeat their message to Unions and staff associations of converting societies: Bob Goodall says "Stop making excuses! - and Fight back against demutualisation! Whatever they tell you -staff should not trust the promises of directors who stand to gain so much financially if societies convert. The pro-mutual lobby urgently need your support to fight demutualisation! Together, we can make a difference OTHER NEWS 1: SOBS are predicting that "Halifax will bank the good publicity from their mortgage rate cut and then quietly increase it in the near future". OTHER NEWS 2: The Labour party is considering a manifesto
pledge to examine ways of SOBS co-ordinator Bob Goodall comments: We are encouraged by this but Labour now has a credibility gap. We will uncork the champagne bottles when the law is actually changed, not before. Promises designed to win votes alone are not enough! We realise that an election is very close and promises appealing to Labours core support are coming thick and fast. It was the same before the last election. If you cared about mutuals Mr Blair why did the Government refuse to back pro-mutual legislation that would have implemented the unanimous recommendations of the All-Party Treasury Select committee? Such "promises" abound. Just one example- there are many. Remember the promise to ban
fox hunting and the million pounds handed over by the antihunt
lobby before the last election? A labour Government won with
a landslide,then nothing. That much wanted piece of legislation
is supposedly about to be introduced, -only that the very man
promising it Mr Blair knows full well that he will call an election
before it becomes law. And what about the promise to renationalsie
the Railways by Mr Prescott- if you voted Labour? We did- It
wasn't done. Now the Childcare Commission is to be established
(another vote Co-operative
movement to unveil shake-up FT
Opinion: The co-operative advantage You are one of over one thousand visitors to the SOBS website each day. Who says that we won't give the other side the right of reply?
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updated 10th June 2001
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