SIR – David Blundell complains (T&A, October 12) that his shareholder group has yet to receive a proper explanation from the Government as to why the Bradford & Bingley was nationalised.

I would have thought the answer was obvious bearing in mind the chaotic scenes which accompanied the near-collapse of Northern Rock some months earlier.

With the Prime Minister and Chancellor determined to avoid a repeat of TV pictures of anxious queues forming outside Northern Rock branches, they first looked for a private-sector rescue.

When this proved fruitless, the Government’s first and only duty was to protect the ‘retail customers’. Their savings are now safe with Santander but the taxpayer has been lumbered with a dodgy mortgage book which has the potential to inflict significant damage on the public purse.

If Mr Blundell knows something which Messrs Brown and Darling did not, and which could have meant business as usual for savers, shareholders and the wholesale money market, he should let us know.

Otherwise, I fear his group will be condemned to waiting in line with the other creditors hoping that when the dust finally settles there will be something left for them.

Brian Holmans, Langley Road, Bingley