RBS belongs in the private sector


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The IEA responds to proposals to crack down on tax avoidance by the European Commission

Selling RBS back to the private sector is good for the taxpayer

Commenting on the government’s plans to sell off its shares in the Royal Bank of Scotland, Philip Booth, Editorial and Programme Director at the Institute of Economic Affairs, said:

“The Chancellor’s plans to sell off the government’s stake in RBS are good news for the taxpayer and the bank itself. 

“The losses that are being crystallised by the government as a result of selling at the current price are the result of the mistakes of the past and will not magically disappear by the government holding on to its stake in the bank.

“It is crucial that the taxpayer never again foots the bill for the reckless behaviour of banks. Investors in banks should feel the full consequences of their actions and banks that make mistakes similar to those made at RBS must be allowed to fail in the future.”

Notes to editors:

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The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.

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