PRIME minister Theresa May has been urged to hold a public inquiry into the nationalisation of Bradford & Bingley at the height of the banking criss in 2008.

In its latest move to find out why B&B was part nationalised and part sold off to Spanish-owned bank Santander, David Blundell, chairman of the Bradford & Bingley Action Group, which represents around one million former B&B share and bond holders, is calling for a public inquiry into the matter.

He has written to the new PM urging Mrs May to set up an inquiry, possibly by the Treasury Select Committee.

Mr Blundell says the aim is to look at ways of re-establishing B&B as a viable bank.

His letter is accompanied by a detailed appendix chronicling the series of events both before and after B&B’s nationalisation on September 29 2008.

Mr Blundell states: “BBAG still has no understanding of how and why B&B was destroyed as an ongoing business.

“The attached appendix describes the series of events both pre and post the nationalisation of B&B ...and includes full details of the obfuscation and subterfuge that the Cabinet Office, the Financial Conduct Authority and HMT (the Treasury) have resorted to for nearly eight years in response to hundreds of Freedom of Information requests.

“The nationalisation of B&B and the sale of its retail network and savings book in 2008, which destroyed it as an ongoing business, was a flawed decision, made in haste and both inequitable and inconsistent with the treatment of other banks with far weaker balance sheets.

“It would appear that most of the Establishment are completely indifferent to the financial hardship of B&B employees, share/bond holders and the people of Bingley.”

Mr Blundell praises Shipley MP Philip Davies and Elmet MP Alec Shelbrooke for their support of BBAGsays an inquiry into the B&B nationalisation would be a positive step forward.