UK government would not rush to sell RBS stake under Labour

11th Mar 2015 16:27

Under Labour, the British government would gradually sell its ownership of state-controlled bank the Royal Bank of Scotland, in order to return taxpayers' money, said shadow Chancellor Ed balls.RBS was rescued with a £45bn state funded bailout during the 2008 financial crisis and the government retains an 80% stake in the lender.Balls suggested that rushing to sell RBS shares, which are currently trading at 358p, considerably lower than the government's 502p per share buy-in price, would be a mistake."Hard as it is, we have to take the time which is necessary to get the best deal for the taxpayer," Balls said in an interview with Reuters. "I would be disappointed, really disappointed if we didn't get it back," he added.However, Chancellor George Osborne reiterated last week that the government would like to sell its stake as soon as possible, at a price no lower than what the government initially paid.