Richard Burgon MP, Labour’s Shadow City Minister, responding to reports that RBS is facing an inquiry from Swiss authorities, said:

“Today’s developments at RBS are concerning, with a further investigation opened of its subsidiary by the Swiss authorities and the bank’s alleged involvement in Mossack Fonseca’s secretive network of offshore companies.

"This is a bank majority owned by the British government, but the Chancellor is refusing to step up to the plate and take responsibility for leading it out of the mire. It’s now time for George Osborne to live up to his own responsibilities, hold RBS to account by giving proper direction and make sure this bank works in the interests of the public, instead of hoping the problem will go away with his ill-advised sell-off.”