CARPETBAGGERS across Britain received a blow yesterday when Britannia Building Society re-asserted its commitment to remaining mutual as it prepared to pay out £35 million sterling in customer loyalty bonuses.

Britannia has been widely viewed as a prime candidate for converting to a bank, a notion it has always strenuously denied.

More than 43,000 members will see a bonus of at least £100 with the highest at £500 in what could be seen as its rebuff to the windfalls from former mutuals.