The Chancellor has previously set out his objectives for the banks in state ownership, including Royal Bank of Scotland. We want to maximise the ability of these important banks to support the British economy, and we want to get the best value for money for the taxpayer.<\/p>
<\/p>
<\/p>
<\/p>
Large scale public ownership has an inhibiting effect on the involvement of private institutions in a company such as RBS, and therefore naturally impacts on broader commercial performance. The best way to deliver our objectives is to return RBS to private ownership. Commercial organisations are more efficient, more innovative and more effective when they are in the private sector.<\/p>
<\/p>
<\/p>
<\/p>
This policy is supported by advice from the Governor of the Bank of England and independent analysis from Rothschild investment bank. In their recent report into this issue, Rothschild note that by starting to sell down its stake in RBS, \u201cthe Government can bring about broader benefits for the institution, which could help to accelerate its recovery\u201d, as well as improving the share price and securing value for the taxpayer.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"} } , "answeringMemberConstituency" : {"_value" : "West Worcestershire"} , "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"} , "dateOfAnswer" : {"_value" : "2015-06-30", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-06-30T14:20:21.953Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2015-06-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Royal Bank of Scotland"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, with reference to the oral statement by the Economic Secretary to the Treasury of 11 June 2015, Official Report, column 1373, what the evidence base is for his statement that the Royal Bank of Scotland has not been able to play its full part in small and medium-sized enterprise lending because of public ownership.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"} } , "tablingMemberConstituency" : {"_value" : "Leeds East"} , "tablingMemberPrinted" : [{"_value" : "Richard Burgon"} ], "uin" : "3794"} , {"_about" : "http://data.parliament.uk/resources/384641", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/384641/answer", "answerText" : {"_value" : "
In announcing the sale of the Government\u2019s shareholding in Royal Bank of Scotland, the Chancellor is acting on independent advice from the Governor of the Bank of England and a report from Rothschild investment bank that it is in the public interest for the Government to begin now to sell its stake. The report by Rothschild, and the corresponding advice from the Governor, are both available online at www.gov.uk<\/a>.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"}
}
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, "dateOfAnswer" : {"_value" : "2015-06-25", "_datatype" : "dateTime"}
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, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2015-06-22", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Royal Bank of Scotland"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 16 June 2015 to Question 900337, from which bodies he has commissioned advice on the sale of Royal Bank of Scotland.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"}
}
, "tablingMemberConstituency" : {"_value" : "Leeds East"}
, "tablingMemberPrinted" : [{"_value" : "Richard Burgon"}
], "uin" : "3514"}
, {"_about" : "http://data.parliament.uk/resources/384642", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/384642/answer", "answerText" : {"_value" : " The Government has been consistent and clear that its objective in respect of RBS ownership is to return the bank to the private sector in full.<\/p> <\/p> <\/p> <\/p> This policy is supported by recent advice from the Governor of the Bank of England that \u201cit is in the public interest for the Government to begin now to return RBS to the private sector\u201d, and that \u201cthere could be considerable net costs to taxpayers of further delaying the start of a sale\u201d. The findings of the recently published Rothschild report into the Government\u2019s shareholding in RBS concur with this assessment.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"}
}
, "answeringMemberConstituency" : {"_value" : "West Worcestershire"}
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, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2015-06-25T14:44:54.307Z", "_datatype" : "dateTime"}
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, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2015-06-22", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Royal Bank of Scotland"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask Mr Chancellor of the Exchequer, what impact assessment he conducted of (a) the reprivatisation of RBS and (b) any other policy options for the future of RBS before the commissioning of the Rothschild Review into the UK Investment in Royal Bank of Scotland.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"}
}
, "tablingMemberConstituency" : {"_value" : "Leeds East"}
, "tablingMemberPrinted" : [{"_value" : "Richard Burgon"}
], "uin" : "3499"}
, {"_about" : "http://data.parliament.uk/resources/384644", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/384644/answer", "answerText" : {"_value" : " In announcing the sale of the Government\u2019s shareholding in Royal Bank of Scotland, the Chancellor is acting on independent advice from the Governor of the Bank of England and a report from Rothschild investment bank that it is in the public interest for the Government to begin now to sell its stake. The report by Rothschild, and the corresponding advice from the Governor, are both available online at www.gov.uk<\/a>.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"}
}
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, "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"}
, "dateOfAnswer" : {"_value" : "2015-06-25", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "3514"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2015-06-25T14:51:44.773Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2015-06-22", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Royal Bank of Scotland"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 16 June 2015 to Question 900337, what estimate has been made (a) by the Governor of the Bank of England and (b) from Rothschild of the effect on the public purse of the sale of the Government's stake in the Royal Bank of Scotland.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"}
}
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, "tablingMemberPrinted" : [{"_value" : "Richard Burgon"}
], "uin" : "3587"}
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