Submitted on Tuesday 4th August 2015
Published on Wednesday 5th August 2015
Current status: Closed
Closed: Friday 5th February 2016
Signatures: 821
Immediately stop selling (publicly owned) RBS shares at a loss to the taxpayer.
Government is rushing through the sale of RBS shares at a massive £13bn loss to taxpayers. We own 79% of RBS. Rather than selling off these shares to city traders who want business as usual; the government should be reforming the bank; waiting to sell the shares at a profit so the nation benefits.
RBS bosses warned that it would take decades to get back the money used to bail out the failing bank (http://www.thesundaytimes.co.uk/sto/business/Finance/article1495758.ece), yet the government is rushing ahead with these low value sell offs anyway.
Pre-election Osborne promised that we'd get back the £45.2bn spent to save RBS from collapse.
Post-election, he is pushing through £12bn of damaging welfare cuts, whilst losing out on at least £13bn by selling these shares too quickly.
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