John Redwood’s contribution to Treasury Questions, 6 Sept

Mr John Redwood (Wokingham) (Con): It would be good to get more tax out of RBS, a state-owned bank, but unfortunately it is still loss making. Will the Chancellor or a relevant Minister have an urgent meeting with its executives so that they can have a better plan for cutting risks, selling assets and making some money for the taxpayer?

The Chancellor of the Exchequer (Mr George Osborne): My right hon. Friend is, of course, right that the British banking system has had its challenges—not least over the summer, with its share prices. We are in regular discussion with the banks about that, of course, and we will of course have many discussions about the future structure of banking. We need a profitable banking sector that lends to the real economy. We have in place targets to see an increase in lending to small businesses. But my right hon. Friend is absolutely right that a key part of the recovery is a return to health for the financial services industry and the financial system.

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  • About John Redwood


    John Redwood won a free place at Kent College, Canterbury, and graduated from Magdalen College Oxford. He is a Distinguished fellow of All Souls, Oxford. A businessman by background, he has set up an investment management business, was both executive and non executive chairman of a quoted industrial PLC, and chaired a manufacturing company with factories in Birmingham, Chicago, India and China. He is the MP for Wokingham, first elected in 1987.

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