Commons petitioned on Northern Rock

05 February 2009

Sunderland North MP, Bill Etherington, presents petition to the House of Commons on behalf of a number of his constituents.

Text of the petition:

"The Petition of small shareholders and supporters of Northern Rock of the Sunderland North constituency in the North East of England,

Declares 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."

Image: PA

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