The interesting letter from Chuka Umunna MP and others (Letters, 18 March), which calls for the government to give equal and due consideration to a mutual option for the future of Northern Rock, presents something of a challenge to fairness. What their call has overlooked is that, to date, the taxpayer has not incurred any losses but has benefited from the huge fee and penal loan interest income the government has received over and above what it would have received had it lent money on commercial terms.
Also conveniently ignored by the "mutualistas" is that the assets of Northern Rock which will be for sale, presumably at a big profit, will be those seized from its shareholders by the panicking previous government. Despite the bank being worth well over £1.5bn when it was nationalised, they received absolutely no compensation for their property. How's that for a "friendly society"?
Along with others seeking fairness for Northern Rock's expropriated shareholders at the European court of human rights, I believe the current government should correct the wrong done by the grossly unfair 2008 treatment of the individual owners of the former business, many of whom were the original members of Northern Rock before it was demutualised. The government might be wise to recognise our claim before it is advised to do so by the European court. Then give the company back to the people, by all means.
Dennis Grainger
Northern Rock Shareholders Action Group