The Editor 

Banking's Catch 22

John Hughman

Banking's Catch 22

“The government should not be in the business of owning banks,” said chancellor Philip Hammond this week in rejection of criticism that the state will suffer a hefty loss as a result of plans to sell a tranche of Royal Bank of Scotland shares. The 271p sale price adds up to a £2.1bn loss for the taxpayer, well below the 502p bailout price and even below the 330p at which the government sold a £2.5bn stake in 2015. 

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