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Christian banker welcomes RBS sell off

Chris Sheldon, Chief Executive of the Kingdom Bank, an independent Christian bank, said the government's decision to sell part now had to be looked at from a wider perspective.

Chancellor George Osborne announced he had started returning Royal Bank of Scotland into private hands with a £2.1 billion share sale.

He faced criticism for the move which has left the taxpayer short-changed with a £1 billion loss.

PA Wire

Mr Osborne insisted the move was the "right thing to do for the taxpayer", coming seven years after the Government rescued RBS with a £45.5 billion bailout at the height of the financial crisis.

It marks a milestone moment for the banking sector as it puts the crisis behind it, while it also kick-starts the Treasury's plans for a bigger privatisation programme than in the 1980s with aims to raise more than £30 billion by the end of next March.

But concerns have been raised over the timing of the Treasury's decision to sell-down its 78% stake in RBS after the taxpayer has been left nursing a £1.08 billion loss.

Mr Sheldon told Premier: "You've got to look at this in terms of the timescale over which its being proposed.

"Yes this first tranche is being sold at a loss but it's the start of a process and we don't know at this stage whether at the end of that process there will actually be a profit."

Chris Sheldon speaking to Premier's Antony Bushfield:

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