Lord Campbell-Savours
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Royal Bank of Scotland
Lord Campbell-Savours Excerpts(9 years ago)
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Lord Ashton of Hyde
My noble friend has put it like that; I was trying to be a bit more conciliatory.
The Lord Privy Seal (Baroness Stowell of Beeston) (Con)
My Lords, both opposition parties have already asked a question, but the Labour Party fielded its Front Bench first, so, arguably, it should be the noble Lord, Lord Campbell-Savours.
Lord Campbell-Savours
My Lords, is the driver behind this policy the prospect of the price of the shares falling?
Lord Ashton of Hyde
That is not the prospect. Since the policy was announced, the shares have actually gone up. The independent advice we received from Rothschild said that giving a strong signal that it was ready for sale would help the share price. By letting some shares go now, the free float would increase and the benefit to the taxpayer would be increased. The Governor of the Bank of England concurred.