The government has sold its remaining shares in NatWest and confirmed a £10.5bn loss to taxpayers since the bank was rescued during the 2008 financial crisis.
It means NatWest, which was previously called RBS, has returned to private ownership for the first time since it was bailed out.
The Treasury has been a stakeholder since the bank received almost £46 billion of funding in 2008 and 2009.
Chancellor Rachel Reeves said: “Nearly two decades ago, the then-government stepped in to protect millions of savers and businesses from the consequences of the collapse of RBS.
“That was the right decision then to secure the economy and NatWest’s return to private ownership turns the page on a significant chapter in this country’s history.”
Bosses at NatWest said it was a “significant” moment and thanked taxpayers for rescuing it 17 years ago.
This is a breaking story, more to follow…
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