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RBS share ‘giveaway’ being considered

RBS share ‘giveaway’ being considered

Category: Banking

Updated: 18/02/2013
First Published: 18/02/2013

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The Chancellor of the Exchequer, George Osborne, has reportedly ordered officials at the Treasury to set up a plan whereby Royal Bank of Scotland shares will be given away to every taxpayer in the UK by 2015.

Under the proposals, shares estimated to be worth between £300 and £400 would be handed out to UK taxpayers, enabling the Government to ditch its 82% stake in the bank and boost its profile ahead of the next general election.

A number of ministers are believed to be behind the Chancellor's plans, with one government source claiming: "This is something which is being looked at very seriously and officials have been asked to come up with a range of options for us to consider."

According to The Independent, the proposals are being consulted by the Economic Secretary to the Treasury, Sajid Javid, and could potentially be put in place at some point this year. If this was to be the case, the share giveaway would possibly occur some time in 2014.

Deputy Prime Minister, Nick Clegg, initially put forward the idea of an RBS share handout to taxpayers in 2011, although the plan was dismissed by Osborne.

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