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The Society aimed to bring home ownership at the lowest cost to its members.
Members of the society bought shares and made weekly contributions, and a lottery would determine which member received interest free home loans. The society has changed its name over the years and is now known as Greater Bank to reflect our reach beyond Newcastle, and to better reflect the products and services we provide.
The news comes as pressure mounts on Mr Hunt after he faced a barrage of criticism during a record winter crisis for the NHS.
One in five NHS hospital trusts ran out of beds in the first weeks of winter and adult patients were put on children’s wards as trusts struggled for space.
With your agreement and commitment, we will try to assist you to overcome those difficulties. This was the start of what was to become Greater Bank.
The society was formed in response to economic depression, during which home ownership was out of reach for many.
Under Mr Hunt’s plans the boundaries between different parts of the NHS that pay for and provide care, such as hospitals, GPs and clinical commissioning groups, would be dissolved.
Responsibility for patients in these areas would be held by new healthcare overseers called Accountable Care Organisations (ACOs) which could lead to newly merged NHS super-organisations or a non-NHS body being awarded contracts to manage and provide entire packages of care.
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