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Bank charges: Taxpayers expected to pay £66bn in shares

Taxpayers are expected to pay £66 billion in shares of Royal Bank of Scotland (RBS) and Lloyds, a report from the Public Accounts Committee has revealed.

By March 2012, Shares in these banks had also decreased in market value by £34 billion.

However, the committee had found out from the Comptroller and Auditor General’s Report that government support to the banks has been reducing.

The government owns 82 per cent of RBS and 43 per cent of Lloyds as they had to be bailed out during the financial crisis. As a result, taxpayers are expected to cover the shares in the banks that the government has bought.

Earlier this month chancellor George Osborne announced measures to prevent a future financial crisis when he told banks that they must ringfence their investment and retail arms. He said that if banks fail to do this then he could separate them.

RBS caused further fears that it would cost taxpayers when it was fined for Libor rigging.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801541401-ADNFCR



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