Jonathan Reynolds MP, Labour’s Shadow Treasury Minister, commenting on reports that the Royal Bank of Scotland (RBS) has failed Bank of England stress tests, said:

“RBS’ failure of the Bank of England’s stress test is disappointing and alarming news for everyone involved, and a damning indictment of the Tories’ inept oversight of the taxpayer’s investment into RBS over the past six years.  

"Taxpayers deserve better for their money than seeing a poorly managed bank lurch from crisis to crisis, especially in the wake of revelations about the unacceptable treatment of small businesses by its Global Restructuring Group. RBS’ leadership clearly has questions to answer, but as the principle shareholder, the Government is utterly failing in its duty to work with the bank on delivering the radical strategic overhaul it desperately needs. 

“With the challenges facing our economy from Brexit and risks across the world, we need the confidence that publicly-owned banks are being competently managed and focused on repaying our investment with a solid, long-term plan for the future.”