Commons Sense

House of Commons · Written Ministerial Statement

Financial Services update

29 March 2022 · Treasury

Proposed by John Glen Con Salisbury

Business & Trade

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The government disposed of 1.2 billion worth of NatWest Group plc shares.
  • The sale reduces the government's stake below 50% for the first time since the financial crisis.
  • No specific future action is proposed beyond continuing to assess and sell assets as needed.

Issue summary

The statement discusses the disposal of £1.2 billion worth of government-owned NatWest Group plc shares, reducing the government's stake below 50% for the first time since the financial crisis.

Action requested

No specific future action is proposed other than continuing to assess and sell assets as value for money dictates, with the goal of returning NatWest to full private ownership. This sale represents a significant milestone in exiting assets from the financial crisis period.

Key facts

  • Approximately £1.2bn worth of shares were sold.
  • The transaction took place on 28 March 2022.
  • Government's remaining shareholding is approximately 48.1% of voting rights.
  • This is the fifth large block sale since the financial crisis.
  • Share price at market close on 25/03/2022 was 220.5p per share.
  • Total proceeds from the sale are c.£1.2bn.
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