Economic news

UK sells RBS shares and incurs loss of $2.66 bln

UK’s 7.7% of Royal Bank of Scotland shares are sold for £2.5 bln or $3.33 bln today, with the government being aware of losing over £2 bln from the funds it used to bail the bank out in 2008.

The price of a single sold share constituted 271 pence, they were purchased by institutional investors. It’s nearly twice as little as the price paid by Britain at the peak of the crisis, with the total money infused equaling £45.5 bln.

The country’s Labour party had been opposed to the sale after the information came out yesterday, as it would mean loss of taxpayers’ money and the state needs to try to fully reimburse the expenditures.

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