City Am by Lauren Fedor 25 November 2015 2:38pm
Chancellor George Osborne may not have mentioned returning British banks to private ownership in his statement to parliament this afternoon, but buried in the Treasury’s official Spending Review and Autumn Statement documents are new details about plans for selling off the government’s stake in Royal Bank of Scotland (RBS) and Lloyds.
Noting that the government is “committed to returning the financial sector assets acquired in 2008-09 to the private sector”, the Treasury documents say that the government will “extend its commitment to sell over £25bn of RBS shares over this parliament, raising a further £5.8bn in 2020-21″.
The government already raised £2.1bn with an initial sale of RBS shares in August.
The Treasury documents also set out that the government will start selling shares in Lloyds to the general public in spring 2016. Earlier sales of the bank have already brought in £16bn for the Treasury.
The Treasury also revealed plans to sell another £7.5bn worth of assets from former Northern Rock mortgages, having already netted £13bn from earlier sales.