A full interview with the Chancellor of the Exchequer Alistair Darling.

The Treasury reassured customers of B&B that their money is safe although people owning shares in the bank will lose out.

The break up and partial nationalisation of the Bradford and Bingley bank, will see the departure of chairman Rod Kent and the entire team of non-executive directors.

Santander, the Spanish banking giant who now own Abbey National and Alliance & Leicester, will take over B&B’s branch network and £21billion deposit book for £612m.

The Bradford & Bingley brand will remain, however Santander Bank is to acquire B&B’s depositor base of 2.7million customers and its 197 leasehold branches. B & B’s customers will continue to use their existing branches, telephone and internet channels for transactions as normal.