‘Once in a generation’ opportunity

MPs debating the public stake in the Royal Bank of Scotland today (November 5) must ensure the government does not throw away a ‘once in a generation’ opportunity to restore trust to Britain’s banks, said Unite.

Taxpayers have already lost £1 billion on their £45 billion investment in RBS since George Osborne’s fire sale began over the summer. It is forecast that the Treasury will lose up to £13 billon by the time the bank is fully privatised.

“It is clearly absurd that the same Chancellor who was prepared to attack tax credits in an attempt to save ÂŁ4 billion is willing to squander up to ÂŁ13 billion by selling off RBS at mates rates to The City,” said Unite national officer for finance Rob MacGregor.

“MPs must remember that RBS was taken into public ownership to prevent a total meltdown of the banking system,” he added. “The public’s stake in one of Britain’s biggest banks presented us with a once in a generation opportunity to clean up the banking system, bring much needed scrutiny to the boardrooms and restore trust in the banks we all rely on.

“Before the Chancellor throws this opportunity away. MPs must ask: Have those same boardrooms done anything to regain the public’s trust?”

The backbench debate will be opened by Kate Osamor, Labour MP for Edmonton.