John McDonnell MP, Labour’s Shadow Chancellor, responding to reports that Royal Bank of Scotland performed poorly in the European Banking Authority stress test results, said:

“RBS’ poor performance in today’s stress tests shows that even with six years as Chancellor, George Osborne did not get on top of problems in one of Britain’s largest banks. The public hold a stake in RBS and should be demanding an end to weak bank governance from new Chancellor Philip Hammond.

"An overhaul of Britain’s banking system is needed. But the Conservative Government has rejected cross-party proposals for reform and has started unwinding the necessary measures put in place after the crisis. Labour has called for better regulations of our existing banks to place them on a more secure footing, and to build a new banking system with a National Investment Bank and regional development banks, that will deliver the investment needed to turn this economy round and make sure no one is left behind.”

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