Investors accuse British Govt of 'legalised theft'

Investors in nationalised Bradford & Bingley accused the British Government of “legalised theft” today as the failed bank’s valuer told them they may not receive news of any payouts until next summer.

Peter Clokey, who will receive up to £4.8m to calculate a compensation package from the Government, told shareholders it would take up to a year to produce his results.

But he said he did not want to “set any hares running” by predicting its final value.

David Blundell, chairman of the action group which organised the 200-strong meeting, told the gathering he had heard from hundreds of investors who had lost money during the bail-out.

Mr Blundell said: “The outrage amongst you has been palpable. I have fielded hundreds and hundreds of emails and letters and I cannot emphasise how strongly the feeling out here is. It has been described as ’legalised theft’.”

Investors in Royal Bank of Scotland were also gathering today to consider possible legal action against the former directors of the partly state-owned institution.