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Bank charges: Chancellor details plans on bank sell-offs

Having had to wait nearly half a decade, taxpayers may soon be able to see the money they lost on bailing out major banks coming back to them.

Chancellor George Osborne is due to release details of a plan to return Lloyds Banking Group and Royal Bank of Scotland (RBS) to privatisation on Wednesday June 19th as part of his Mansion House speech.

Both banks had to be bailed out by the government during the financial crisis of 2009 and, at present, taxpayers own around 40 per cent and 80 per cent of Lloyds and RBS respectively.

However, it has been questioned whether the shock departure of RBS chief Stephen Hester was encouraged by Mr Osborne. This is a claim that he has denied but admitted that Mr Hester was given consent and approval to do so.

It has also been suggested that RBS be broken up into a good and bad bank to help it earn more and return to profit and privatisation.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801600509-ADNFCR

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