Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will commission an independent review of the Government's stake in the Royal Bank of Scotland.

Earlier this month, the Chancellor wrote to the Governor of the Bank of England seeking his advice on when and how the return of the Government’s stake in RBS to the private sector should be undertaken; in view of the wide range of implications for financial stability, growth, and achieving the best returns for the taxpayer.

In his reply, the Governor stated that “it is in the public interest for the Government to begin now to return RBS to private ownership”, and warned that there could be considerable net costs to taxpayers of further delays to the start of a sale. This is also the conclusion of an independent review the Chancellor has commissioned on the issue, undertaken by Rothschild investment bank. The advice and the independent report have both been published online at www.gov.uk.