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B&B is the latest victim of the financial crisis which has engulfed the world and also the second banking institution to be nationalised this year following the government takeover of Northern Rock.
Chancellor of the exchequer Alistair Darling commented: "What you're seeing is the government is taking quick, decisive action, we're standing behind the system to stabilise it because to let Bradford & Bingley go down would have destabilised the entire system."
As news of the deal sank in, the London stock market dropped 0.49 per cent on opening today (September 29th), reports AFP.
In related news, the largest financial bailout plan in US history has received tentative support from both presidential candidates and will be voted on today, according to the Dallas Morning News.
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