RBS sell-off should be the first of many
4 August 2015
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RBS should be returned to the private sector as soon as possible
Commenting on the initial sell-off of the government’s shares in the Royal Bank of Scotland, Mark Littlewood, Director General at the Institute of Economic Affairs, said:
“It is a welcome relief to see the government finally taking steps to reduce its stake in RBS. The sooner the bank is returned to the private sector the better, so while the Chancellor is right to be cautious, today’s sell-off should be the first of many more to come.
“Even if sold at a loss, both the taxpayer and the bank have nothing to gain from the government holding on to its shares in RBS. Waiting for the share price to rise will further postpone a process that should have started long ago.
“The public should never again have to pick up the pieces for the careless behaviour of banks. If the mistakes of RBS are ever repeated, then the bank responsible should have no choice but to face the full consequences of its actions.”
Notes to editors:
To arrange an interview with an IEA spokesperson, please contact Camilla Goodwin, Communications Officer on 0207 799 8920 or 07821 971 443.
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.
The IEA is a registered educational charity and independent of all political parties.
“It is a welcome relief to see the government finally taking steps to reduce its stake in RBS. The sooner the bank is returned to the private sector the better, so while the Chancellor is right to be cautious, today’s sell-off should be the first of many more to come.
“Even if sold at a loss, both the taxpayer and the bank have nothing to gain from the government holding on to its shares in RBS. Waiting for the share price to rise will further postpone a process that should have started long ago.
“The public should never again have to pick up the pieces for the careless behaviour of banks. If the mistakes of RBS are ever repeated, then the bank responsible should have no choice but to face the full consequences of its actions.”
Notes to editors:
To arrange an interview with an IEA spokesperson, please contact Camilla Goodwin, Communications Officer on 0207 799 8920 or 07821 971 443.
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.
The IEA is a registered educational charity and independent of all political parties.
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