Welcome the Chancellor's decision on RBS and recoup taxpayers stake in the bank

In a speech last night the Chancellor announced that as part of our long-term economic plan the Government will begin to sell the taxpayers’ stake in the Royal Bank of Scotland (RBS).

The advice from the Governor of the Bank of England and an independent review is clear: it is in the interests of taxpayers to start selling the taxpayers’ stake in RBS now.

So in the coming months we will begin to sell our stake in RBS. This will help to secure the future of this bank and, when taking all the banks in total, will ensure that taxpayers get back the billions of pounds that they were forced to put in to rescue the system.

This is the right thing to do for British businesses and hardworking British taxpayers and will help pay down our debts as we work to build a better and brighter future for Britain.