Exclusive analysis by the Unite Union has revealed that the announcement in this week’s autumn statement that the UK government will sell off their remaining 38.6 per cent stake of NatWest, will result in a £10.2 billion (£18 billion in real terms) loss to UK taxpayers.
The UK government has been gradually selling their shares in NatWest, from a high of 84 per cent ownership. If this week’s announcement goes ahead and the government sells its remaining shares at today’s price of 204 pence, this will result in huge loss compared to the 500 pence the shares were bought for in 2008.
Unite general secretary Sharon Graham said: “It is outrageous that the government is going ahead with this when the taxpayer had to step in and bail out NatWest in 2008. This is an asset on our books, so why sell it now when the price is so low?
“The takeaway from this autumn statement is that big business and the wealthy get carrots, while workers get sticks.”
