Chancellor to fire starting gun on RBS sale

The government is to move a step closer to selling its stake in RBS, with Chancellor George Osborne set to lay out plans for its privatisation in a speech next week.

According to the FT, the Chancellor (pictured) will say that the government intends to sell its 79% stake in the bank for less than the £45bn Labour spent in bailing out the bank during the financial crisis. RBS shares are currently trading at 341p, significantly below the 502p at which RBS was bailed out. The paper said that the Chancellor will make the announcement during his Mansion House speech next week.  Earlier this month, RBS began to prepare its shareholders for a sell-off of the stake, asking them to approve costs related to a sale. A vote on these proposals will take...