Focus of RBS bosses and Ministers should be paying back taxpayers1

Reacting to calls for Royal Bank of Scotland (RBS) to be nationalised and the expected fines for Libor manipulation at the bank, Matthew Sinclair, Chief Executive of the TaxPayers’ Alliance, said:

“If taxpayers want to invest in RBS, they can. They don’t need Vince Cable or any other politician to step in and invest on their behalf. Spending reductions have to be made so it would be senseless to shell out more taxpayers’ cash on nationalising RBS. It would also expose families to greater risk and put them on the hook for more of the bank’s bad debts.

“The focus of RBS bosses and Ministers should be paying back the taxpayers who propped up the bank. They should sell our stake in RBS as soon as is practically possible, so it can be run by shareholders who can sell their shares if they disagree with the institution’s direction. For as long as taxpayers continue to prop up RBS they will be exposed to the repercussions of the bank’s actions, not least punitive fines for Libor manipulation. “

The TaxPayers' Alliance

Britain's independent grassroots campaign for lower taxes

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