Taxpayers won't pick up B and B bill, says Darling

Date: 30th September 2008

The chancellor of the exchequer, Alistair Darling, has promised that UK taxpayers will not pick up the bill for Bradford and Bingley.

Following yesterday's part-nationalisation of the buy-to-let mortgage lender, there had been widespread anxiety that it would be the taxpayer picking up the entire bill.

While the chancellor moved quickly to dispel this, and also reassure depositors that their savings were safe, there have been vocal critics of the move.

Shadow chancellor, George Osborne, said at a conference on Monday (September 29th): "I don't think … the taxpayer should pick up the bill that really should be borne by the City.

"I don't think people on £12,000 or £20,000 a year should see their taxes go up in order to support people who are getting bonuses of £1 million or £2 million a year."

Following the nationalisation, British taxpayers are now more exposed to bad mortgage debts than those in the US, where each taxpayer is saddled with an average £2,750.

Taxpayers have until January 31st to file their online self-assessment tax return to HM Revenue and Customs.