Osborne to sell RBS stake at a loss after gaining Carney and Rothschild backing

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Chancellor George Osborne is to begin selling the government's 80% stake in Royal Bank of Scotland at a loss, saying any further delay could jeopardise the economy.

In his annual Mansion House speech last night, Osborne said that a “decision point” has been reached, signalling an initial sale of shares in the bank in the coming months. “The longer we wait, the higher the price the whole economy will pay,” Osborne said, citing Bank of England governor Mark Carney’s comments that a sale would promote financial stability and a more competitive banking sector. The Chancellor said his decision is also backed by Nathaniel Rothschild, commissioned by the Treasury to review a potential sell-off of the bank. Rothschild’s review said an initial “small disposa...

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