Osborne’s RBS share sale to be reviewed by audit office

The decision by the government to sell Royal Bank of Scotland shares will be reviewed by the representatives of the National Audit Office.

According to Sir Amyas Morse, comptroller and auditor-general, the shares selling will provide everyone with a wider view on the investments taxpayers make to banks.

The decision on the inquiry will be made after the recommendations by UK Financial Investments to the Treasury. UKFI is currently the only organization that controls taxpayers stakes in RBS and Lloyds Banking Group. After the decision is made, the holding of the institutions in RBS will be decreased.

 

When George Osborne was the chancellor, he was strongly criticized for shares selling. Now, Philip Hammond, his successor, says that the selling isn’t likely for current times.

In his letter, Sir Amyas wrote that his check will determine the ways UKFI resolves such key troubles as the shareholding between the government and RBS. It is also likely that this will extend to a number of case studies, including the decision to sell RBS shares.”

Reply