Rubbish UK Chancellor George Osborne is planning to sell the Royal Bank of Scotland (RBS) back to private stockholders at a massive £13 billion loss.

He’s also planning to sell off the remaining public stake in the Royal Mail, when he reckons he can get “value for money”.

Does George Osborne know anything at all about getting value for money?

It seems to this writer that he could wipe out his government’s demand for £12 billion of savings from the social security (Tories call it “welfare”) budget if he only asked for what RBS is worth.

As for the Royal Mail – let’s face it, selling any part of this was a mistake. Quality of service has plummeted.

Last week, this writer received a magazine through the post. Somehow the Royal Mail had managed to tear through the envelope and rip through the contents, halfway up the spine – rendering it unreadable.

Wasn’t the whole point of privatisation the claim that it would improve the service to customers?

On the basis of this poor showing, the government should renationalise everything and think again.

George Osborne is set to sell bailed-out bank RBS back into private hands for a £13bn loss to the UK taxpayer, economists have said.

In his speech at Mansion House next week the Chancellor is expected to announce what he will do with the publicly-owned bank, which was taken into majority public ownership in 2008.

The UK taxpayer holds an 81 per cent stake in RBS after a series of capital injections amounting to £45bn.

Source: George Osborne plans sale of bailed-out bank RBS to private investors at £13bn loss to taxpayers – UK Politics – UK – The Independent