View more on these topics

Labour accuses Govt of planning ‘pre-election firesale’ of RBS

Chris Leslie BBA Conference 2012 480

Labour has attacked the Government for planning a “pre-election firesale” of the Royal Bank of Scotland after Stephen Hester’s departure as chief executive yesterday.

Speaking in the House of Commons today after a Government statement on RBS, shadow Treasury financial secreatry Chris Leslie said the Government’s handling of RBS has been “shambolic” and “uncertain”.

Leslie highlighted comments from RBS chairman Sir Philip Hampton indicating the Treasury wants a sale before the end of 2014.

Leslie said: “Is it purely a coincidence that the end of 2014 would fit neatly into the chancellor’s pre-election timetable? Should the timetable not be driven by the best interests of the taxpayer and the British economy instead?”

Treasury economic secretary Sajid Javid said the Government’s only target is to get the best value for the taxpayer and it will unveil plans at a later date.

The parliamentary commission on banking standards is set to publish its report any day, which will focus on the future of RBS.

Chancellor George Osborne is also set to focus on the future and privatisation of state-owned banks in his annual Mansion House speech next week.

Policy Exchange and the Centre for Policy Studies have unveiled plans for a share giveaway to millions of taxpayers, which is understood to have support in the Treasury.

Javid said: “There should be nothing surprising about RBS having an ambition to return to the private sector, it is perfectly reasonable and normal.

“The Government has always made it absolutely clear there is no target price for selling RBS and no fixed timetable, including the general election. Our major concern is getting the best value possible for the taxpayer.”

Leslie also accused Osborne of intervening to dismiss Hester as he did not fit in with Government plans. Javid denied any involvement from Osborne but admitted he met Hampton last week so the chairman could inform him of the decision.

Recommended

14

Kim North: FCA rebrand is not value for money

The Financial Times last week reported that some of the world’s largest consumer products groups are delaying payments to advertising agencies and commodity producers for up to six months, squeezing cash flows and causing alarm at critical points in their supply chains. Here in the UK some lucky advertising agencies have been paid a combined […]

Hornbuckle recruits Pointon York’s Jo French as Mary Stewart departs

Hornbuckle Mitchell has recruited Pointon York Sipp Solutions managing director Jo French as the pensions administrator looks to drive improvements in its customer service offering. French will join the firm in the third quarter of this year as managing director of operations and client experience. She will report to newly appointed managing director of infrastructure […]

4

Aegon extends British tennis sponsorship deal to 2017

Aegon UK has agreed a new four-year deal with the Lawn Tennis Association which will see the provider sponsor British tennis until the end of 2017. Aegon became the first ever “lead partner” of British tennis in 2009 when it agreed a five-year sponsorship deal in 2009. Aegon UK chief executive Adrian Grace says: “This […]

6

30 IFAs set for mass FOS referral over structured product charges

StructuredProductReview.com is mounting a campaign with the support of 30 adviser firms to refer at least 500 complaints against Reyker Securities to the Financial Ombudsman Service over charges levied on former Merchant Capital investors unless they are lowered. Reyker took over as custodian of Merchant Capital plans after the collapse of the structured products firm in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. I am surprised the FCA did not overrule the government.

  2. RegulatorSaurusRex 13th June 2013 at 3:03 pm

    ‘pre-election firesale’

    Should read:

    ‘pre-meltdown firesale”

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com