LABOUR is accusing the government of pandering to big bankers in failing to halt the planned closures of hundreds of Royal Bank of Scotland branches that would result in a loss of around 1,000 jobs.
 
Today, on the day of the RBS annual general meeting, shadow chancellor John McDonnell is urging Chancellor Philip Hammond to “step up” and intervene.

He is calling on him to use the government’s role as majority shareholder to press RBS to act in the public interest rather than “dancing to the tune of the bank’s board” and attempting to sell off shares at a loss to the taxpayer.
 
RBS reported profits of £752 million last year but is pushing ahead with plans to close 259 branches, which will result in nearly 800 job losses in England and Wales alone.

Labour’s manifesto pledged to tackle the spate of high street bank closures by only permitting branches to be shut after a local consultation with customers and the council and with the permission of the Financial Conduct Authority (FCA).