Nationwide defends £50 bonus after Virgin Money takeover

Nationwide Building Society is defending a £50 bonus for its 12 million members after its £2.9 billion takeover of Virgin Money. The £600 million payout has sparked controversy as members had no say in the deal. Critics argue that the bonus could be better allocated. James Sherwin-Smith, a campaigner, expressed concerns about Nationwide's decision-making process, stating that members are often overlooked. The takeover is the largest in UK banking since the 2008 financial crisis. Nationwide claims the acquisition will strengthen its position as a mutual organization.