Osborne would rather penalise the poor than get a decent price for RBS and the Royal Mail

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

5 thoughts on “Osborne would rather penalise the poor than get a decent price for RBS and the Royal Mail

  1. M de Mowbray

    Getting a decent price for RBS would stop any need for cuts and might even leave a surplus. This proves beyond any doubt that cuts and austerity are NOT to help the economy but to attack the poorest.

    Just a few weeks ago CaMoron’s post election boast was that this new government would be a “One Nation” government, a “Government for all the people”. Camoron would not recognise the truth if it was tied around a brick and catapulted at his head!

  2. chriskitcher

    You can’t trust any politician when it comes to selling off national assets. They have no business acumen and if anything like last time they will ask the buyers what they want to pay. Businessmen my arse, all they are capable of doing is lining the pockets of their paymasters and controllers at the expense of the rest of us.

  3. Maria

    Hey that’s the money they are going to shave off from disabled people and financially vulnerable. Truly is rob from the poor to feed the rich.

  4. Jane Jacques

    Selling off RBS at any price is a one off income generator, ie it is not reoccuring year after year. Therefore I would suggest this is his usual smoke and mirrors accounting. This has no effect on the deficit as it does not come off any spending, and will not show any effect in next years departmental accounts.It may go to pay down debt , or it may go on some new spending. It will not be spent on the poor of Oz’s Britain, that much is certain. It is in effect a fire sale, going cheap even more assets, get them while you can, not many more left.

  5. Maria Nelson

    yup sell out the poor to put money in already wealthy pockets, and things that could be profitable and support our country are being sold to the cheapest bidder, their buddies in corporate business no doubt.

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