Chancellor Philip Hammond has confirmed the sale of £11.8bn worth of publicly owned mortgage loans related to defunct lender Bradford & Bingley.
The loans were bought US private equity firm Blackstone and pension, insurance and investment provider Prudential.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Financial Times called it "one of the largest government asset sales in Europe".
Hammond said the move was a "major milestone in our plan to get taxpayers' money back following the financial crisis".
He added: "We are determined to return the financial assets we own to the private sector and today's sale is further proof of the confidence investors have in the UK economy."
UK Asset Resolution confirmed the terms and conditions on the 104,000 mortgages will not change.
This latest sale reduces its outstanding portfolio to £22bn, says the BBC. At one time it managed loans of £116bn, mostly relating to Bradford & Bingley and Northern Rock.
-
Taps could run dry in drought-stricken TehranUnder the Radar President warns that unless rationing eases water crisis, citizens may have to evacuate the capital
-
Alaska faces earth-shaking loss as seismic monitoring stations shutterIN THE SPOTLIGHT NOAA cuts have left the western seaboard without a crucial resource to measure, understand and predict tsunamis
-
10 great advent calendars for everyone (including the dog)The Week Recommends Countdown with cocktails, jams and Legos
-
Labour shortages: the ‘most urgent problem’ facing the UK economy right nowSpeed Read Britain is currently in the grip of an ‘employment crisis’
-
Will the energy war hurt Europe more than Russia?Speed Read European Commission proposes a total ban on Russian oil
-
Will Elon Musk manage to take over Twitter?Speed Read The world’s richest man has launched a hostile takeover bid worth $43bn
-
Shoppers urged not to buy into dodgy Black Friday dealsSpeed Read Consumer watchdog says better prices can be had on most of the so-called bargain offers
-
Ryanair: readying for departure from LondonSpeed Read Plans to delist Ryanair from the London Stock Exchange could spell ‘another blow’ to the ‘dwindling’ London market
-
Out of fashion: Asos ‘curse’ has struck againSpeed Read Share price tumbles following the departure of CEO Nick Beighton
-
Universal Music’s blockbuster listing: don’t stop me now…Speed Read Investors are betting heavily that the ‘boom in music streaming’, which has transformed Universal’s fortunes, ‘still has a long way to go’
-
EasyJet/Wizz: battle for air supremacySpeed Read ‘Wizz’s cheeky takeover bid will have come as a blow to the corporate ego’
