My response to announcements about the future of RBS

Ed Balls MP, Labour’s Shadow Chancellor, responding to announcements about the future of RBS, said:

“After the firesales of Royal Mail and Northern Rock, we will scrutinise George Osborne’s plans for the future of RBS very carefully. As we argued when, earlier this year, the Chancellor flirted with the idea of a quick sale of RBS to a political timetable, the taxpayer interest must come first.

“The tests for these changes at RBS are whether they see the taxpayer ultimately get its money back and whether they actually boost business lending and radically transform this bank to put an end to business as usual.

“On the banking system more widely, business and the public are right to be concerned that lending to business is still falling while the radical reforms we need are being watered down. For example, he is still refusing to implement the Parliamentary Commission’s call for a backstop power that would allow for full separation of all the banks, not just one or two, if ring-fencing proves ineffective and does not deliver the cultural change we need.”

Share and Enjoy:
  • Print
  • Digg
  • del.icio.us
  • Google Bookmarks
  • Add to favorites
  • Yahoo! Buzz
  • Technorati
  • email
  • Facebook
  • MySpace
  • Reddit
  • RSS
  • Twitter
Posted November 1st, 2013 by Ed

Leave a Reply