Taxpayer swallows loss of £7 billion in RBS sell-off

‘The Royal Bank of Scotland is to be sold off at a loss to taxpayers of more than £7billion, George Osborne has announced.

The Chancellor used a speech in the City of London to announce that the bailed-out bank is to be sold off nearly seven years after it was rescued by the taxpayer.

The bank was bailed out by the British taxpayer to the tune of £45.2billion for an 80 per cent stake.

It is possible that the public will eventually be given the chance to buy shares as part of a “Tell Sid” style sell-off, but major investors will be given the first opportunity to take advantage, the Treasury said.’

Read more: Taxpayer swallows loss of £7 billion in RBS sell-off