UK’s Labour Pledges to Review Plans to Sell Stake in NatWest

(Bloomberg) -- The Labour Party pledged to review plans to cut the UK government’s stake in NatWest Group Plc if it wins the upcoming general election.

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Efforts to sell shares in NatWest to the public have been put on hold after Prime Minister Rishi Sunak unexpectedly called the elections for July 4, Bloomberg News reported last week.

“Labour will review the details if we form the next government after the general election,” a party spokesperson said. “Any decisions we take will be about ensuring value for money for the taxpayer and investors.”

The Treasury remains NatWest’s biggest shareholder after its £46 billion ($59 billion) bailout of what was then Royal Bank of Scotland during the financial crisis, though it’s no longer considered a controlling shareholder after its ownership of the bank dropped below 30% in March.

UK Government Investments, the Treasury-owned company that holds the stake in NatWest, had previously said it could be ready to proceed with the retail offering as early as June. The government has already hired advisers including Goldman Sachs Group Inc. and Barclays Plc for the work.

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