£22 billion loss on RBS betrays the nation

March 16, 2016

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On the same day that George Osborne announced a further £3.5 billion cuts to public services, a new analysis of official figures shows that the Government is proposing almost £22 billion of losses on the sale of publicly-owned bank RBS.

Responding to the news, Fionn Travers-Smith, Campaign Manager of Move Your Money, said:

“Reckless, loss-making firesales of RBS shares at rock-bottom prices not only rips-off the public, it betrays the nation.

“In our hands we have a state-owned bank that can be used to support businesses and society, but instead George Osborne would prefer to wash his hands, cut public services, and dump our assets on the lowest bidder. 

82% of us agree that the government should make RBS work in the public interest, not toss away our ownership and watch the banking system fail us all yet again. 

“The Government has ducked scrutiny and avoided debate on how best to make RBS a better bank for Britain, and is throwing away a golden opportunity to forge a people-focused bank. We own RBS, so it should work for us.”

The news follows the crystallisation of £1bn losses on the first share sale, which took place amid severe criticism from MP’s, economists and civil society. 

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