Government to start selling RBS shares, says Osborne
George Osborne has announced the government will begin the process of returning Royal Bank of Scotland to private ownership in the “coming months,” even though it may cause a loss for taxpayers.
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Speaking at the annual Mansion House dinner in London’s on Wednesday, the Chancellor said shares will be sold to institutional investors first.
Disposing of RBS in its entirety “will take some years,” Osborne added, insisting there was “no reason” why a retail offering can’t be held at a later date.
“It’s the right thing to do for British businesses and British taxpayers,” Osborne said.
“Yes, we may get a lower price than Labour paid for it.
“But the longer we wait, the higher the price the whole economy will pay.”