The FT has reported:

Given the banking turmoil of the past week, it is small wonder the UK financial regulator is dusting off contingency plans and looking for a potential white knight for Bradford & Bingley.

They won't find one. It's a lame duck. We all know it.

So, face reality: nationalise it, now. Transfer its toxic assets into Northern Rock to sort out. Then use the remaining infrastructure as the basis for a New Deal Bank. Spin in the Northern Rock branch network as well, and you'll have a real market presence in a very short period providing people with a real alternative in saving and investment. By the way, I do mean investment: this is about real investment products, not the spurious ones that wrap up stock exchange based toxicity.

Go on, bite the bullet now and show some initiative at the same time.