Mr Redwood’s contribution to the Statement on Economic Policy, 26 Feb

Mr John Redwood (Wokingham) (Con): Does the Chancellor agree that the state balance sheet would look an awful lot better, and that the economy would function better, if RBS was sorted out more quickly and sold back to the private sector in a way that promoted banking competition?

The Chancellor of the Exchequer (Mr George Osborne): I agree with my right hon. Friend. RBS is now pursuing a policy of becoming a much more UK-focused bank than it was under the strategy we inherited. We are absolutely clear that it should not be in the universal banking business on the scale that it has been and that the investment bank should be supporting its corporate and retail business in the UK, and it has made important steps in that direction.

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3 Comments

  1. scottspeig
    Posted February 26, 2013 at 1:13 pm | Permalink

    Erm, that wasn’t your question…

    Considering it is your Chancellor (from your party that is) you’d have thought it would be answered properly – you ought to be able to say “Mr Speaker, with all due respect, that wasn’t answering the question”.

    Why are you not chancellor Mr Redwood? That is my question. You quite clearly have a better CV and career experience, and would (in my opinion) be leagues ahead of the current waste of space (as can be seen from no understanding a fairly straight-forward question!)

  2. Antisthenes
    Posted February 26, 2013 at 2:04 pm | Permalink

    Even Conservatives do not get it. A Conservative Chancellor engaged in directing the direction and purpose of a business when it should be left to the market place to do that. No wonder voters see little difference between the parties I do believe the right has thrown in the towel.

  3. Duncan
    Posted March 1, 2013 at 7:06 am | Permalink

    John – one has to ask, why remain on the sinking Tory ship – come over to UKIP, the country really needs you.

  • 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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