Responding to news that the government has incurred a loss of £2.1bn in its latest sell off of RBS shares, Fran Boait, executive director of Positive Money said:

“The sell off of RBS is a colossal wasted opportunity. As well as losing the taxpayer billions of pounds, the government is also losing the ability to reshape Britain’s banking system.

“Instead of selling off its majority stake, the government should use its position to break up RBS into smaller, regional banks, with alternative business models that  emphasise lending to SMEs and productive industry.

“Such innovation is needed to direct lending to the real economy, which has been been starved of investment in recent years.”

Notes

For additional comment or to arrange a briefing, please contact Simon Youel on 07908 037569 or at simon.youel@positivemoney.org.uk

About Positive Money

Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters.