Last night’s fire-sale denied ordinary households the right to buy the 630 million shares, instead handing them to ”institutional investors” – banks, pension schemes, insurance firms and hedge funds. The 330p share price represents a discount on the 337p the shares were selling for on the open market, and compares to the 502p per share that the government (taxpayers) paid in the 2008 bail-out.
Chancellor George Osborne recently sold-off Royal Mail to ”institutional investors” in a similar overnight move.
With its new majority, tame media, and inept political opposition, the kleptocratic Conservative Government is obviously confident that it no longer needs even to pretend to act in the public interest.
20 March 2016
While the gutter press and media have for the most part concentrated on the Budget’s headline-grabbing (and regressive) ”sugar tax” and the few crumbs thrown to small businesses, they have conveniently ignored Osborne‘s intention, buried in the Budget detail, to sell off the state’s remaining stake in RBS for just over half what was paid for it in the so-called ”bail-out”. This represents a loss to taxpayers of a staggering £22 BILLION, enough to pay for 103,000 nurses for ten years, the construction of 150,000 affordable homes, 6,000 average sized primary schools, or 40 new state of the art hospitals.
This government is showing itself to be not only brazenly kleptocratic (we expect that from the Tories), but, perhaps even more alarmingly, astonishingly incompetent.
OSBORNE’S £22 BILLION RIP-OFF