Osborne sells the country short over RBS sale

Steve McCabe MP has spoken out against the Chancellor George Osborne who has begun the sell-off of the government’s shares in the Royal Bank of Scotland.

The Chancellor has sold 5.4% of the government’s stake in RBS raising £2.1billion, a third below the price paid.

 

The UK bailed out RBS in 2008 and 2009 by buying shares for £45billion, but Osborne has sold the share at well below the price the government paid for them meaning an estimated loss to the taxpayer of at least £1 billion.

 

Commenting on the sale, Steve McCabe said:

“George Osborne has cut billions of pounds from our most vital public services in the name of reducing the deficit but here we see him writing off billions in what can only be described as the great RBS giveaway. This could become the biggest long term economic con trick in history.

 

“At a time when the government is cutting support for disabled people it is shocking that the government is not looking to get the best deal for taxpayers.”

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