Richard Burgon MP, Labour’s Shadow Treasury Minister, responding to the announcement of job losses at RBS, said:

“The announcement by RBS today of further branch closures and job cuts will create difficulties for customers, and local communities and put more hard-working front-line staff out of work.

“This sad news also comes on a day when the former most senior civil servant under George Osborne has confirmed that the Chancellor’s strategy for RBS is failing.

“At his Mansion House speech in June last year, George Osborne claimed his loss-leader sell-off would deliver ‘larger sales on better terms in future’. But with the share value falling ever since, and now worth less than half the bail-out price, the former Permanent Secretary Nick Macpherson has admitted what we all expected - this is another promise George Osborne won’t deliver.

“The Chancellor needs to get a grip of the situation. Rather than flogging off shares at any price he can get, and the bank continuing to cut its high street operation, what we need is a long-term plan for the bank’s future.”