Osborne Says Mansion House Speech Will Detail RBS, Lloyds Plans

Chancellor of the Exchequer George Osborne said he will use his Mansion House speech tomorrow to set out plans for the return of Royal Bank of Scotland Group Plc (RBS) and Lloyds Banking Group Plc to the private sector.

An “important provision” is that taxpayers that rescued the banks in 2008 get their money back, Osborne said in an interview with BBC Radio 4.

“Absolutely at the heart of this is my determination that we have a banking system that works for the British economy rather than an economy that supports the banking system, which is what we inherited,” he said.

To contact the reporter on this story: Andrew Atkinson in London at a.atkinson@bloomberg.net

To contact the editor responsible for this story: Andrew Atkinson at a.atkinson@bloomberg.net

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