U.K. Government Cancels Retail Sale of Its 20% NatWest Stake
By Cristina Gallardo
The U.K. government dropped plans set out by the previous government for a retail sale of its remaining stake in NatWest.
U.K. Chancellor Rachel Reeves told the House of Commons Tuesday that the new Labour government decided to cancel the retail sale of its 20% stake in NatWest. Instead, it will sell it privately in 2025, she said.
The government bailed out the lender during the financial crisis and has been trimming down as part of a plan to return it to private ownership in the coming years.
Reeves justified the change of plans, saying the government needed to take a series of measures to address an overspend of 22 billion pounds ($28.31 billion) inherited from the previous Conservative government.
Write to Cristina Gallardo at cristina.gallardo@wsj.com
(END) Dow Jones Newswires
July 29, 2024 11:32 ET (15:32 GMT)
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