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Northern Rock

Volume 485: debated on Tuesday 16 December 2008

I wish to present a petition submitted by my constituent, Linda Lewis, and signed by 73 other constituents who are shareholders and supporters of Northern Rock. The petition calls for the reassessment of the terms of reference given to the valuer appointed to deal with Northern Rock. I hereby submit the petition.

Following is the full text of the petition:

[The Petition of small shareholders & supporters of Northern rock of the Houghton and Washington East constituency in the North East of England,

Declares that that it welcomes the acknowledgement by the Government that it must pay compensation for nationalising Northern Rock plc, but that the terms of reference for the valuation of the shares are wrongly based as the company was not in administration and was still a 'going concern'.

Further declares that if these terms are unchanged there will not be a fair compensation payment which will lead to many in our region having their savings and pensions undermined which in turn will have a negative impact on the North East's economy.

The Petitioners therefore request that the House of Commons calls on the Government to reconsider the terms of reference given to the valuer so that he can fully reflect the true value of Northern Rock shares.

And the Petitioners remain, etc.]