Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what estimate he has made of the financial loss to the public purse of the sale of RBS shares on 4 June 2018.

The Government’s shareholding in the Royal Bank of Scotland (RBS) is managed at arm's length and on a commercial basis through UK Government Investments Ltd (UKGI), a company which is wholly owned by the government, with the objective of creating and protecting value for the taxpayer.

On 5 June 2018, the Government concluded a second sale of its shareholding in RBS, restarting the phased return of the bank to full private ownership. The Government sold approximately 7.7% of the bank (925m shares) through an overnight accelerated bookbuild (ABB) process, raising just over £2.5bn for the taxpayer (at a price of 271p per share). This reduced the government shareholding to 62.4% (from 70.1% pre-sale).

The Government should not be in the business of owning banks. The original intervention in RBS was undertaken to protect the financial stability of the UK economy, not to make a profit. With that objective achieved, the Government is delivering on its intention to return the shareholding to private ownership when market conditions allow and it represents value for money to do so. The proceeds of this sale will go towards reducing our national debt.