As part of the Chancellor Rachel Reeves speech to the House of Commons on Monday 29th July 2024, she announced a change in method of selling the governments share ownership in Nat West Bank.
Mr Speaker, the previous government had plans for a retail sale of Natwest shares. We intend to fully exit our shareholding in NatWest by 2025-26.
But having considered advice I have concluded that a retail share sale offer would involve significant incentives that could cost taxpayers hundreds of millions of pounds.
It would therefore not represent value for money, and it will not go ahead. This is a bad use of taxpayers’ money and we will not do it.
PAYadvice.UK 30/7/2024