Richard Burgon – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Richard Burgon on 2015-12-16.

To ask Mr Chancellor of the Exchequer, which organisations in addition to Rothschilds and the Governor of the Bank of England provided him with advice on whether the Government should sell its stake in the Royal Bank of Scotland.

Harriett Baldwin

The Government has been consistently clear that its policy in respect of Royal Bank of Scotland (RBS) is to return the bank to the private sector in full. The advice received from Rothschilds and the Governor of the Bank of England relates specifically to the appropriate timing of an initial share sale.

UK Financial Investments (UKFI) is responsible for the execution of share sales, and advised the Chancellor in August 2015 that it would be appropriate to conduct the first sale of the Government’s shareholding in RBS. On 3 August 2015, UKFI sold approximately 5.4% of the bank via an accelerated bookbuilding process.