Ritchie criticises Chancellor’s failure to consult RBS on sell-off

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Thursday, June 18th, 2015
Politics
SDLP South Down MP Margaret Ritchie has criticised Chancellor George Osborne for his failure to consult the Royal Bank of Scotland (RBS) about the sell-off of the Government’s stake in RBS. Margaret RitchieAn answer provided by Minister Harriet Baldwin to a question tabled by Ritchie revealed that the Chancellor “did not discuss” the sell-off with RBS, Natwest or Ulster Bank. Ritchie said, “Following the Treasury’s announcement that the Government’s stake in RBS will be sold off at a loss of more than £7 billion to taxpayers, I questioned the Chancellor to determine how he came to this decision. “My first query was a simple question about the discussions he held with RBS, NatWest and Ulster Bank regarding the sell-off. The fact that the Chancellor held no such discussions is completely unacceptable. “This displays a total disregard for the Treasury’s relations with the banks’ customers and investors. The Chancellor risks prioritising fulfilling the Tory policy of privatisation over the interests of RBS customers. I will continue to pursue this matter with the Treasury,” she added.

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