Ex-Chancellor Lawson calls for full nationalisation of RBS

Author: Investment Week
IFAonline | 01 Feb 2013 | 12:06

Categories: Investment

Topics: RBS

rbs

Former Tory Chancellor Nigel Lawson has called for George Osborne to fully nationalise Royal Bank of Scotland (RBS) and criticised the bank’s so-called “star” traders.

Lord Lawson said he also believed there is a case for paying no bonuses at RBS this year, given the continued fallout from the LIBOR scandal.

The bank is expected to pay a fine running into the hundreds of millions for its role in the affair.

Speaking to the Financial Times, Lawson said RBS, currently 82% owned by the state, should be fully nationalised and turned into a lending vehicle to small businesses.

Lawson, who was Chancellor from 1983 to 1989, called on the government to withstand bank lobbying efforts to water down the proposed ring-fencing of retail assets.

He also criticised the previous Labour government's decision to appoint Stephen Hester as RBS chief executive.

"It is absurd to put a lifetime investment banker in charge of an entity which is overwhelmingly a retail and SME [small and medium enterprise] type bank," he told the paper.

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