In Wednesday's Mansion House speech the Conservative Chancellor, George Osborne, is set to announce how the government will sell off its 79% majority stake in RBS.

Responding to the news, Fionn Travers-Smith, Spokesman for Move Your Money, said,

After bailing out RBS for £45 billion and suffering the cuts to pay for it, the British public deserve better than a reckless firesale at knock-down rates.

Flogging off RBS to the City will mean business as usual for the banks – enrichment of the very few at the expense of the great many, with more scandal, lost jobs and branch closures as a result.

RBS 3We should be using RBS to fix our broken banking system, not giving hand-outs to the people that caused the crisis in the first place.

With creative reforms RBS could create more jobs, support local regions, and keep branches open.

The Treasury should look at all options for the future of the bank – as recommended by the Tyrie's Parliamentary Commission on Banking Standards – rather than just selling it off on the cheap to Osborne’s mates in the City.

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