UK Financial Investments (UKFI) has advised the Chancellor it would be appropriate to conduct the first sale of the government’s shareholding in RBS.
HM Treasury spokesperson said:
UK Financial Investments (UKFI) today (3 August 2015) advised the Chancellor it would be appropriate to conduct the first sale of the government’s shareholding in the Royal Bank of Scotland. The Chancellor agrees with that advice and has authorised the process to begin.
The government set out its objectives for its shareholdings in the banks in the Chancellor’s annual Mansion House speech in June 2013 – getting the best value for the taxpayer, maximising support for the economy and restoring them to private ownership – and as set out in that address, the government will only conclude a sale if these objectives are met.
In his Mansion House speech in June this year, the Chancellor announced his intention to start returning RBS to the private sector in the coming months, following advice from the Governor of the Bank of England.
Please see the announcement made by UK Financial Investments today (3 August 2015) for important legal messages about the proposed sale.