Today the Chancellor authorised the sale of £580m shares in Natwest, raising a total of £1.1bn. This is the fourth sale of the Government’s shareholding in the bank leaving ownership by the Government now at 54.8%.
The Government will continue to step down its level of ownership and return institutions back to private ownership as it as pre-financial crisis. While voices from Labour still shout that the Government should use the ownership of the bank to create a network of state-owned regional banks, the Treasury see the sale as a step towards the long rehabilitation of the banking sector.
We wonder how the cash will be re-invested by the Treasury! Hopefully not Rishi’s birthday bash which is on the way soon….r