At last, Bradford & Bingley shareholders are about to get a chance to have their say about the needless nationalisation that robbed them of their investments.
The powerful Treasury Select Committee of the House Of Commons is inviting members of the public to submit questions about the banking crisis to be answered by the Chancellor, Alistair Darling, Bank of England chairman Mervyn King, and Financial Services Authority chairman Lord Turner.
With 940,195 Bradford & Bingley shareholders deprived of millions of pounds by the nationalisation that many consider unnecessary, the committee can expect a lot of questions!
John McFall, chairman of the Treasury Select Committee, says the public should have a chance to question those in authority, so he's inviting the public to submit questions by e-mail to
bankingcrisis@parliament.uk Questions are limited to 100 words - which isn't much, considering the number of questions shareholders are entitled to know the answers to - but at least they will be heard.
So this column urges all those shareholders who believe they were wrongly deprived of their shares to e-mail the committee at the address above.
The more people who e-mail, the more chance there is that Mr McFall, his committee, the Chancellor, the chairman of the Bank of England and the chairman of the FSA actually take notice of the shareholders' plight.
If shareholders don't bother to register their protest and question those responsible for their losses, they have only themselves to blame.
And if anyone needs inspiration for a question to ask, look at the previous posting in this column and help yourself.
Select Committees, for those unfamiliar with them, are extraordinarily powerful committees of the House Of Commons that have the power to summon even the most reluctant Ministers and officials to testify before them.
The press release says the trio in this case have been "invited" to appear before the committee, but should any of them not entirely relish the idea, they will be aware that the committee has the power to drag them there kicking and screaming if necessary.
The committees are also renowned for putting their witnesses on the spot and interrogating them, on camera, with all the enthusiasm and clinical expertise of the best QCs.
So don't miss this golden opportunity to have your say and ask the uncomfortable questions that Messrs Darling, King and Turner would rather you didn't!
Full details of the committee's press release are available on its
site and I'm reproducing it below in its entirety in the hope that fellow shareholders will be inspired to take Mr McFall up on his offer.
The full text of the Treasury Select Committee press release follows:
TREASURY COMMITTEE INVITES QUESTIONS FROM THE PUBLIC TO PUT TO THE CHANCELLOR ON THE BANKING CRISIS
Following the unprecedented financial intervention announced by the Chancellor over recent days, the Treasury Committee today announces it will undertake an urgent inquiry into the banking crisis.
John McFall, Chairman of the Committee said:
“This inquiry will take a fundamental look at the causes of the present banking crisis, the current responsibilities of the banks and the Government to the taxpayer, and the future shape of the financial and regulatory landscape.”
Given the public concern about the stability of the UK banking system and commitment of such a large sum inherent in the Chancellor’s proposals, the Committee is asking members of the public to send in questions they would like to see put to the following witnesses, who the Committee has invited to appear as soon as possible.
Witnesses:
The Rt. Hon. Alistair Darling MP, Chancellor of the Exchequer
Mervyn King, Governor of the Bank of England
Lord Adair Turner, Chairman, Financial Services Authority
Questions should be emailed to the following address:
bankingcrisis@parliament.uk
The date of the hearing will be announced in due course.
John McFall, Chairman of the Committee said:
“Taxpayers are naturally very concerned about the scale of this investment. The Committee hopes that by providing people with the chance to have us put their questions to those in charge, we can provide a constructive way of engaging the public on a matter of such deep concern to the whole country.”
FURTHER INFORMATION ON SUBMITTING QUESTIONS
Questions can be submitted up to 48 hours before the hearing, which will be announced at a later date. The Committee regrets it cannot accept any other form of submission apart from email to the following address:
bankingcrisis@parliament.uk
Submissions should take the form of questions rather than statements and should be no longer than 100 words. If you wish to remain anonymous, please state clearly at the beginning of the email.
The Committee regrets that not all questions submitted can be guaranteed to be asked.
Full written submissions of evidence for the inquiry will be solicited at a later date.
If anyone who e-mails a question to the committee wishes to see a copy of the question appear in this column, please cc or bcc your e-mail to shareholders (at) poshaddress.com and we'll publish the best.
Jon McKnight
