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May 2, 2013

Osborne Allies Ready to Sell Bank Stakes Before General Election

“George Osborne’s allies are stepping up efforts to prepare for a reprivatisation of Royal Bank of Scotland and Lloyds before the general election, even if their share prices remain below the levels where they were rescued.”

“Conservatives close to the chancellor argue that Alistair Darling, his Labour predecessor, paid too much for shares in RBS and Lloyds when he injected nearly £66bn into the banks’ bailouts.”

“By saying the Treasury got a bad deal on the rescues, Mr Osborne hopes to prepare the public for a large loss if privatisation begins before the 2015 election. The combined paper deficit today on taxpayers’ 82 per cent shareholding in RBS and 39 per cent stake in Lloyds is about £24bn.”


Read the full Financial Times article here.

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