#AceFinanceNews – Featured Report:June.10: According to reports a decision to be announced at the Mansion House was being made to sell-off, RBS that the UK taxpayer took a huge stake in back in 2008.
This was of course after bankers risked all on sub-prime mortgage market in the USA. Now the time has come to sell-off the stake. As with Lloyds and TSB banks. Of course the institutional investors will get lions share. These are amongst the ones that helped put us in the global crisis in the first place, including Wall Street bankers.
Anyway this time it will be a loss to the taxpayer of £14-billion. This of course is a drop in the ocean said one investment CEO today to the BBC almost justifying grand larceny under the guise of good business.
Today this was Reuters take by two writers on our chancellors deficit credentials, see what you think and let me know?
LONDON (Reuters) – Chancellor George Osborne will seek to burnish his deficit-cutting credentials on Wednesday, fresh from a decisive Conservative victory in last month’s election, by reinforcing a long-term commitment to run budget surpluses.
Osborne will draft legislation to compel future governments to spend less than they raise in taxes during normal economic times — something that very few governments in British postwar economic history have managed — according to extracts of a speech that he will give to London’s finance industry.
Osborne is also expected to give details on how the government will sell its 80 percent stake in Royal Bank of Scotland.
Bank of England Governor Mark Carney, who is also speaking at the annual Mansion House dinner, is due to announce tougher regulation for financial markets, which have been rocked by a string of scandals.
“In the budget, we will bring forward this strong new fiscal framework to entrench this permanent commitment to that surplus, and the budget responsibility it represents,” Osborne is due to say in the speech.